Final answer:
GASB standards require interest-earning investment contracts, external investment pools, and open-end mutual funds to be reported at fair value on the balance sheet. Thus, the correct answer is 'All of the above'.
Step-by-step explanation:
The Governmental Accounting Standards Board (GASB) requires that certain items be reported at fair value on the balance sheet. According to GASB standards, the following items should be reported at fair value:
- Interest-earning investment contracts
- External investment pools
- Open-end mutual funds
Therefore, the correct answer to which of the following are required by GASB standards to be reported in the balance sheet at fair value is c. All of the above. Reporting these items at fair value provides a more accurate and relevant measurement of their current market value on the balance sheet, which is potentially beneficial for users of the financial statements such as investors, creditors, and others who may be interested in the government entity's financial position.