Which of the following is false about a forward contract?

a. Forward contracts can be assets or liabilities.

b. Forward contracts are recorded at fair value in the financial statements.

c. Forward contracts have to be updated on the date of the financial statements and the date of maturity.

d. On the date that you enter into the forward contract, there is a journal entry required to record the forward contract.

e. Forward contract fair value is measured as the change in the forward rates.