Which of the following statements is not correct with respect establishing reporting requirements for governments entering into derivative instruments according to GASB?
a. Derivatives can be used in the investment of fiduciary funds.
b. If a hedge derivative is deemed ineffective it is classified as investment purpose.
c. Derivatives as a hedge tool cannot be applied to governmental funds using the modified accrual accounting basis in fund-basis statements.
d. If a derivative is effective in reducing a government's exposure to identifiable risks, the changes in the value of the derivative are reflected as investment gains or losses in the period that the value changes.