Securities Investments of a State or Local Government Are Reported

Multiple Choice

Securities investments of a state or local government are reported at fair value in the government-wide statement of net position

A) only if they are derivative investments classified as qualified hedges.
B) only if they are investments that are hedged by derivative investments.
C) only if they are investments held by proprietary funds; investments by governmental funds are reported as expenditures.
D) for all investments held by governmental and proprietary funds.