Problem: Select all that apply Which of the following are true regarding GAAP guidance on discount rates? Multiple select question. GAAP guidance indicates that the assumed discount rates should reflect the rates that will provide the most conservative pension benefits. The GAAP guidance eliminates managers' ability to manipulate pension expense and PBO. GAAP guidance indicates that the assumed discount rates should reflect the rates that the pension benefits could be effectively settled. The GAAP guidance reduces but does not eliminate managers' ability to manipulate pension expense and PBO.