Federal agency for purposes other than Federal tax purposes, but only if there is no statement of the taxpayer described in subparagraph (A) or (B), (2) a financial statement which is made on the basis of international financial reporting standards and is filed by the taxpayer with an agency of a foreign government which is equivalent to the United States Securities and Exchange Commission and which has reporting standards not less stringent than the standards required by such Commission, but only if there is no statement of the taxpayer described in paragraph (1), or (3) a financial statement filed by the taxpayer with any other regulatory or governmental body specified by the Secretary, but only if there is no statement of the taxpayer described in paragraph (1) or (2). 492. Investment hedging units (a) Investment hedging unit For purposes of this part— (1) In general Except as provided in subsection (b)— (A) a taxpayer shall be treated as having an investment hedging unit with respect to an underlying investment during any applicable hedging period with respect to the underlying investment, and (B) subject to paragraph (3), such investment hedging unit shall at any time during the applicable hedging period consist of the following held by the taxpayer at such time: (i) Each derivative with respect to the underlying investment which by itself, or in combination with 1 or more other derivatives, has a delta with respect to any portion of the underlying investment which is within the range beginning with minus 0.7 and ending with minus 1.0. (ii) The portions of the underlying investment described in clause (i) with respect to which the derivatives have the delta described in clause (i). (2) Applicable hedging period The term applicable hedging period means, with respect to any underlying investment of a taxpayer, a continuous period— (A) beginning with the first time (after a period which is not an applicable hedging period) the taxpayer holds 1 or more of the derivatives with respect to the underlying