Which statement(s) is (are) false?

I. Disclosures are considered to be dynamic information, as a firm may disclose different information from period to period, depending on the performance of the firm.
II. The "Real Estate" provisions do not apply to real estate investments with leverage.
III. The GIPS standards mandate the use of certain calculation methodologies for composites, not for portfolios.

Correct Answer: I, II and III

I is false because disclosures are considered static information which does not normally change from period to period.
II is false; GIPS apply to real estate investments with leverage or gearing.
III is false because GIPS mandate the use of certain calculation methodologies for both composites and for portfolios.