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Two sets of financial accounting standards are generally accepted accounting principles (GAAP) and statutory accounting...

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Two sets of financial accounting standards are generally accepted accounting principles (GAAP) and statutory accounting practices (SAP). One true statement about these financial accounting standards is that

A.

State laws and regulations in the United States govern the implementation of GAAP, but not the implementation of SAP

B.

Health plans must prepare their financial statements for their external users according to applicable laws, regulations, and accounting principles, particularly GAAP

C.

GAAP specifically focuses on the requirements of insurance regulators and policyholder interests

D.

The Financial Accounting Standards Board (FASB) is a private organization whose purpose is to establish and promote SAP in the United States

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