The following statements areTRUE / FALSE:

1. "For firms that apply the "Completed Contract Method' to a long term contract, the 'Matching Concept' results in the firm deferring all expenses to the period in which the revenue is recognized."

2. "Even though many firms elect to do so, in October 2019, there isno legal requirementthat a firm that files financial statements in accordance with Securities and Exchange Commission policies has an external accounting audit the firms internal controls over financial reporting."

3. "In December 2016, the FASB issued a statement indicating that no new accounting standards (i.e. Accounting Standard Updates) will be issued until the FASB completes the process of revisiting their Conceptual Framework.