Which of the Following Is NOT True of the Due

question 50

Multiple Choice

Which of the following is NOT true of the due process followed by the IASB in formulating International Financial Reporting Standards?

• A) A period of public comment is provided after discussion papers are prepared.
• B) Standards are approved by a unanimous vote of the 16-member board.
• C) Exposure drafts are published prior to taking a vote of the board.
• D) National accounting standards and practices are studied before preparing exposure drafts.

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Definitions:

Shame

A painful feeling of humiliation or distress caused by the consciousness of wrong or foolish behavior.

Guilt

A cognitive or emotional state resulting from the recognition that one has caused harm or violated a moral standard.

Practiced Liars

Individuals who have developed a skill in deceiving others through falsehoods, often doing so with ease and without guilt.

Polygraph Machine

A device used to measure and record physiological indicators such as blood pressure, pulse, and respiration while a person is asked questions, purportedly to detect lies.