Which of the following statements regarding Global Investment Performance Standards (GIPS) is most accurate（）
A. GIPS exist as a best or maximum worldwide standard where local or country specific law for in vestment performance measurement does not exist.
B. GIPS require that managers rank order all fee - paying discretionary portfolios back at least five years or for as long as they have been in existence.
C. GIPS require that all fee - paying discretionary portfolios be included in composites defined according to investment objective or similar strategy and firms must show GIPS compliant history for a minimum of five years or since inception if a composite has existed less than five years.
