When analyzing fixed-income securities, issuers can be either public or private. Which of the following sentence is true according to the CFA Institute?

• a) Public issuers use accrual-based principles (GAAP) while private issuers use cash-based principles.

• b) Private issuers use accrual-based principles (GAAP) while public issuers use cash-based principles.

• c) Both public and private issuers use accrual-based principles (GAAP).