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.

Question

Quizplus · Accepted Answer

In 2007, the SEC decided to allow foreign registrants to use International Financial Reporting Standards (IFRS) without the need to reconcile to U.S. Generally Accepted Accounting Principles (GAAP).

What Monumental Decision to Change the Requirements for Foreign Registrants