Which of the following statements is true? The fair value option allows, but does not require, that some types of financial instruments be recorded at amortized cost. The FASB and IASB would like to reduce the reliance on fair value accounting for financial instruments in the future. The fair value option allows, but does not require, that some types of financial instruments be recorded at fair value. The fair value option requires that some types of financial instruments be recorded at fair value.