Which of the following statements about reserve recognition accounting $($RRA$)$ based financial statements is correct?

Question $8$ options:

RRA$-$based financial statements are more reliable than HC$-$based financial statements.

RRA$-$based financial statements can be derived from HC$-$based financial statements.

RRA$-$based financial statements for oil and gas firms are more relevant than financial statements prepared using historical cost $($HC$)$ accounting.

RRA$-$based financial statements are less relevant than HC$-$based financial statements.