CFAI 2018 Mock PM Q60

Hi guys, the question was about which item is least likely an error in presentation for GIPS.

Was wondering why B) is not the correct answer? Since Note 3 is indeed a requirement under GIPS, then it’s not an error to include it?

The note omits the policy for calculating returns… really tricky one. The correct answer should be composite % of firm assets as being least likely incorrect (CFAI did this wrong, poor wording). The note is incorrect like I said and the standard deviation is incorrect as well since it doesn’t include both benchmark and composite together.

Thanks Moonborne. Gosh GIPS has been really tough for me, I just can’t remember all the nitty gritty points.