Which of the following is not true for financial reporting in the United States? 

a. U.S. private small and medium-sized enterprises are permitted to use U.S GAAP or IFRS for Small and Medium Size Enterprises. 

b. All of these are true. 

c. U.S. SEC publicly-listed companies must use U.S. GAAP 

d. Foreign Private Issuers (FPIs) are permitted to use any of the following: U.S. GAAP or home-country GAAP with reconciliation to U.S. GAAP or IFRS as issued by the IASB with no reconciliation.

Answer rating: 100% (QA)

The answer is option D Foreign Private Issuers FPIs are permi... View the full answer