In May 1994, the General Accounting Office (GAO) Prepared a Report

In May 1994, the General Accounting Office (GAO) prepared a report on Financial Derivatives: Actions Needed to Protect the Financial System. The GAO study concluded that ________.

A) boards of directors and senior management have secondary responsibility for managing derivative risks .
B) financial reporting requirements for derivative instruments are adequate and the Financial Accounting Standards Board should implement comprehensive accounting rules for derivative products.
C) improving regulations for derivatives in the United States without coordinating with foreign regulators will reduce the effectiveness of the regulations.
D) policymakers and regulators should block the use of derivatives.