Which of the following statements about the accounting standards to be used in financial statements filed with the SEC is true?

U$.$S$.$companies may choose to use either IFRS or U$.$S$.$GAAP$.$

Foreign private issuers may use IFRS,$$but must reconcile their statements to U$.$S$.$ GAAP.

U$.$S$.$companies must use U$.$S$.$GAAP$.$

Foreign private issuers must use U$.$S$.$GAAP$.$