When Did the SEC Drop Its Long-Standing Rule That Required

question 9

Multiple Choice

When did the SEC drop its long-standing rule that required foreign companies that filed financial statements with it to adjust those statements to conform with U.S. GAAP and allow them to use IFRS?

• A) 2001
• B) 2007
• C) 2009
• D) 2013

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Definitions:

Annual Rate

The interest rate for a whole year, as opposed to a shorter period, such as monthly or quarterly.

Compounded Annually

The calculation of interest on the original principal and the accumulated interest of prior periods, applied once per year.

Quarterly Payments

Payments made four times a year at three-month intervals, often used in loan repayments.

Semi-Annually Compounded

Refers to the process of calculating and adding interest to a principal sum twice a year.