In 2007,the Securities and Exchange Commission announced that it would accept financial statements from foreign private issues without reconciliation to U.S.GAAP if they are prepared using IFRS as issued by the International Accounting Standards Board.

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This is a true statement. In 2007, the SEC announced that foreign private issues could submit financial statements prepared using IFRS without reconciliation to U.S. GAAP.

In 2007,the Securities and Exchange Commission Announced That It Would