With regard to the SEC rules for foreign private issuers (FPIs), which of the following statements is false?

1. FPIs are not required to comply with PCAOB and SEC independence standards
2. FPIs are permitted to present financial statements in any reporting currency considered appropriate
3. FPIs are not subject to Exchange Act reporting other than filing annual report on Form 20-F and furnishing information on Form 6-Ks
4. FPIs may present primary financial statements using U.S.GAAP, local GAAP reconciled to U.S. GAAP or IFRS as issued by the IASB