Which of the Following Is NOT Part of the Due

question 28

Multiple Choice

Which of the following is NOT part 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:

Forgetting Curve

A graphical representation of the decline in memory retention over time, showing how information is lost when there is no attempt to retain it.

Newly Learned Information

Knowledge or data that has been recently acquired through learning or education.

Rapid

Occurring in a short time or at a fast pace, often used to describe movements, changes, or reactions.

Subsequently

Refers to events or actions that occur after a particular point in time, following something else in order.