Which of the following describes the "blue sky laws"?

Question 30Select one:

a.

The financial information reported by publicly traded companies must conform to U.S. GAAP.

b.

The form and distribution of financial information of companies that do not issue securities to the public must conform to state laws.

c.

The financial reports must be prepared using the guidelines produced by the IASB.

d.

The new financial reporting guidelines produced with the joint efforts of the IASB and the FASB should be applied by companies that do not issue shares to the public.

e.

The state and local governments should follow accounting standards produced by the Governmental Accounting Standards Board.