Which of the following statements regarding the financial reporting of agency funds is not true?

A. Fiduciary activities are reported only in the fiduciary fund financial statements.

B. Agency fund financial information is reported in a separate column of the government-wide statement of activities.

C. Agency funds are not included in the statement of changes in fiduciary net position.

D. GASB standards do not require disclosure of the assets and liabilities of individual agency funds.