All but one of the following statements indicates a difference between the Finan
ID: 2598255 • Letter: A
Question
All but one of the following statements indicates a difference between the Financial Accounting Standards Board (FASB) and prior approaches. Select the one that is not a difference.
The FASB is independent of the AICPA.
The size of the board is much smaller.
The FASB has broader representation.
The FASB is the primary board for the development of generally accepted accounting principles.
Members of the FASB serve on a full-time basis.
A)The FASB is independent of the AICPA.
B)The size of the board is much smaller.
C)The FASB has broader representation.
D)The FASB is the primary board for the development of generally accepted accounting principles.
E)Members of the FASB serve on a full-time basis.
Explanation / Answer
Answer is Option D). The FASB is the primary board for the development of generally accepted accounting principles. as FASB is broader presentation and its members size is bigger than that if AICPA. It will serve on Full time basis as well.
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