The International Accounting Standards Board

question 48

Multiple Choice

The International Accounting Standards Board

• A) can issue a new accounting standard if the majority of the board members agree.
• B) was formed to replace the Financial Accounting Standards Board.
• C) develops standards but has no power to enforce the standards.
• D) was formed to supervise the accounting practices that U.S. firms follow.

---

Definitions:

Fail

to fall short of success in achieving a goal or meeting a standard, often leading to negative consequences or the need for reevaluation.

Fault

A defect or imperfection, either in a physical system or in a line of reasoning.

Fear

An emotional response to perceived threats or danger, often causing physiological and behavioral changes.

De-emphasize

To reduce the significance or importance of something in comparison to other factors or elements.