Which of the Following Statements Is True About the IASB's

question 40

Multiple Choice

Which of the following statements is true about the IASB's approach to accounting standard setting?

• A) The IASB approach is very similar to the rules-oriented basis favored by the FASB in the United States.
• B) The IASB uses a principles-based approach to standards formulation.
• C) The IASB pronouncements have been called a "cookbook" of accounting standards.
• D) The Sarbanes-Oxley Act requires the IASB to move toward the approach for standard setting used by the FASB.