Test Prep CFA® Level I Chartered Financial Analyst CFA® LEVEL 1 Dumps in PDF

Free Test Prep CFA® LEVEL 1 Real Questions (page: 65)

Firms with records or performance calculations for periods prior to the effective dates for AIMR-PPS compliance can still claim compliance with the PPS using which of the following methods?

  1. Restate all of its performance numbers in accordance with the standards.
    II. Continue to use the non-conforming performance measures with specific disclosures about how the measures are not in compliance.
    III. Use the relaxed standards of AIMR designed specifically for this situation.
  2. I, II and III
  3. I only
  4. I and II only
  5. I and III only

Answer(s): A

Explanation:

All three are acceptable ways in which firms with records or performance calculations for periods prior to the effective dates for AIMR-PPS compliance can continue to claim compliance with the PPS. This is known as "Retroactive Compliance."



According to the AIMR-PPS, composites must be asset weighted using

  1. end-of-period weightings.
  2. middle-of-period weightings.
  3. performance-period weightings.
  4. beginning-of-period weightings.

Answer(s): D

Explanation:

Composites must be asset weighted using beginning-of-period weightings. This is a requirement for calculation of returns.



Which of the following is not a required disclosure for real estate investments under the Performance Presentation Standards?

  1. amount of leverage used
  2. return formulas
  3. all of these answers
  4. accounting policies for capital expenditures

Answer(s): A

Explanation:

The performance presentation for real estate must disclose the return formulas and accounting policies for such items as capital expenditures, tenant improvements and leasing commissions. There is no requirement or recommendation that the amount of leverage used be disclosed under the 1997 standards.



Regarding Standard III (A), which of the following is true?

  1. If the employer has publicly acknowledged, in writing, adoption of AIMR's Code and Standards as part of its firm policies, then the member need not give formal written notification.
  2. A member does not have to notify the supervisor, if the supervisor is a CFA charterholder.
  3. Notification must be given to the chief operating officer (or equivalent), orally or in writing.
  4. Notification must always be given, orally or in writing.
  5. None of these answers is true.

Answer(s): A

Explanation:

"Members shall inform their employer, in writing, through their direct supervisor, that they are obligated to comply with the Codes and Standards and are subject to disciplinary sanctions for violations thereof." However, if the employer has publicly acknowledged, in writing, adoption of AIMR's Code and Standards as part of its firm policies, then the member need not give formal written notification. Subordinate employees cannot assume that their supervisors are aware of the obligations, even if the supervisors are AIMR members.



Misrepresentation of performance is prohibited by section ________ of the Standards of Professional Conduct.

  1. II (E)
  2. III (F)
  3. V (B)
  4. IV (E)
  5. III (A)

Answer(s): C

Explanation:

Standard V (B) states "Members shall not make any statements, orally or in writing, that misrepresent the investment performance that they or their firm have accomplished or can reasonably be expected to achieve."



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