QUESTION 3 Which statement is true concerning the requirements for derivatives reporting? Oa. Derivatives are reported at cost, with fair value disclosed in the footnotes to the financial statements. b. Gains and losses on hedges of firm commitments are shown in other comprehensive income until the commitment affects income OGains and losses on hedges of existing exposures are shown on the income statement as incurred d. Gains and losses on hedges of forecasted transactions are shown on the income statement as incurred