Perhaps my brain is just fried at this point, but is the CFAI answer template wrong for GIPS Question 60?
Question asks for the item that is least likely an error in the presentation (would expect this to be answer choice B) and chooses the item that is (most likely) an error (choice A).
B lacks policy for calculating returns, C lacks benchmark standard deviation. Answer explanations for why B and C are incorrect are poor, A explains why B and C are incorrect.
Moonborne–apologies, but I don’t understand your response. Shouldn’t the question ask what is MOST LIKELY the error?
No, the question is fine, it asks “which one is least likely an error”, in other words it means: “which one is most likely correct”. It’s a double negative. Composite assets as a % of firm assets is correct, so other 2 are incorrect.
Barracuda - I had the same thoughts as you but re-read the explanation of the answer again slowly. The question is accurate.
Hmm…confusion for me was I knew it was asking “which one was most likely correct” which I thought was answer B. Need to review GIPS!
Hey guys, I need someone to re-explain the logic of the answer here, I picked B as well thinking that Note 3 is the most correct?
Is the answer saying that Note 3 is an error and so is the 3 year std deviation? If so, why is Note 3 an error?
Never mind, just say Moonborne’s reply on another post… jeez GIPS
In the online version of PM mock exam C is given as a correct answer, confused a bit
Well that makes things more interesting…
Based on online CFAI version of the mock:
Solution
C is correct. The annualized three-year ex post standard deviation of monthly returns must be presented for both the composite and the benchmark for each annual period after 1 January 2011. Firms are required to disclose that policies for valuing portfolios, calculating returns, and preparing compliant presentations are available upon request.
B is incorrect because the disclosures in note #3 are required for compliance with the GIPS standards.
A is incorrect because either the percentage of the firm’s total assets represented by the composite or the amount of total firm assets at the end of each period is required to be presented for compliance with the GIPS standards.
Ha just noticed this issue this morning as I reviewed the mock. Print out says A, online says C. I chose A so I guess I’m gonna stick w/ that 
Can someone please shed light on the confusion here? Still not able to figure out whats the right answer.
All I know is that I am in a shitty position since I picked B and apparently CFAI considers both A and C correct!