Identify the year the SEC will require $($or has required$)$ American companies to switch from U$.$S$.-$based GAAP to IFRS as the basis for preparing financial statements.

Group of answer choices

$2035$

$2040$

$2030$

At this point it is unclear when the SEC will require American companies to implement IFRS, though the SEC remains committed to requiring U$.$S$.$ companies use IFRS at some point.