"Which of the following best describes the impact of derivative instruments on financial statements and risk management strategies under Accounting Standards Codification $($ASC $815/$IFRS $9)?$

A$)$ Derivatives have no impact on financial statements but aid in risk management strategies.

B$)$ Derivatives are reported at fair value on financial statements and can mitigate or amplify financial risks.

C$)$ Derivatives are solely disclosed in footnotes of financial statements and have minimal impact on risk management.

D$)$ Derivatives are accounted for using historical cost method, influencing risk management decisions."