Which of the following statements concerning pro forma disclosures is not true?

Multiple Choice

• The SEC does not require these to be presented if a significant transaction has already been fully reflected in the historical financial statements.

• They show the effects of major transactions that occur after the end of the fiscal period.

• They are detailed financial statements.

• They show the effects of major transactions that have occurred during the year but the final accounting and reporting has has only been partially reflected in the company's financial statements.