Starting in 2009. U.S. companies can drop generally accepted accounting principles GAAP) for the more flexible international financial-reporting standards IFRS).

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In 2009, the U.S. Securities and Exchange Commission (SEC) allowed U.S. companies to use International Financial Reporting Standards (IFRS) in place of Generally Accepted Accounting Principles (GAAP). However, it was not mandatory for companies to switch to IFRS and most continued to use GAAP.