What Monumental Decision to Change the Requirements for Foreign Registrants

question 21

Multiple Choice

What monumental decision to change the requirements for foreign registrants and their reporting in the U.S. under certain circumstances did the SEC make in 2007?

• A) Foreign registrants could use IFRSs in preparing their financial statements without providing a reconciliation to US GAAP.
• B) Foreign registrants must report under U.S. GAAP.
• C) Foreign registrants may report under IFRS as long as they provide a reconciliation to U.S. GAAP.
• D) The SEC has no jurisdiction over foreign registrants.

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Definitions:

Main Connective

In logic and mathematics, the main connective is the operator in a logical formula which has the widest scope, essentially determining the main relationship between the elements of the proposition.

Statement

An expression or utterance that conveys a fact, opinion, or information, which can be deemed true or false.

Symbolic Notation

A system of symbols used to represent quantities, operations, relations, or elements in a concise and standardized format.

Atomic Components

Atomic components refer to the smallest units within a framework or system that cannot be broken down further without losing their functionality.