karoliukas

In order to be GIPS compliant, a firm must present 5 yrs of records at a minimum or since inception if the firm has been in existence less than 5 yrs. Once the firm is in compliant for 5 yrs, it must show records of up to 10 yrs at a minimum.
So, in the case above, the firm has been in existence for 7 yrs, which means the firm must show a minimum of 5 yrs worth of records and additional 2 years  which is really since inception. B and C are inaccurate because they imply that the firm has to wait until 10 years worth of records are accumulated before being compliant, which is not true.