All the following statements concerning GAAP accounting and reporting are correct, EXCEPT:

a

The GAAP 1970s statement was designed to provide statement users with the best possible measure of a life company's past performance and its potential for the future.

b

It was recognized that it was not healthy for state regulators and security analysts to use different accounting rules.

c

Today, the focus of GAAP reporting is on the balance sheet.

d

Today, the underlying accounting principle applied by the GAAP statement is the matching of income and expenses.