Of the Following,which Is NOT True About International Financial Reporting

question 30

Multiple Choice

Of the following,which is NOT true about international financial reporting standards?

• A) Board members of the IASB come from 25 countries.
• B) The IASB is committed to developing,in the public interest,a single set of high quality,understandable,and enforceable global accounting standards.
• C) The IASB represents more than 100 worldwide accounting and financial organizations.
• D) Most projects require a minimum of three years from formation to standard issuance.
• E) Each IASB Member has one vote on technical and other matters.

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Definitions:

Laundry Detergent

A type of cleaning agent that is used for washing clothes.

For-Profit Business

A type of enterprise that aims to earn profit for its owners through its operations and services.

Not-for-Profit Organization

An entity that operates for purposes other than generating profit, often focusing on social, educational, or charitable activities.

Private Property

The legal designation of the possession of property by non-governmental legal entities or individuals.