Item 45 2 points Time Remaining 2 hours 8 minutes 25 seconds 02:08:25 1 Item 45
ID: 2395572 • Letter: I
Question
Item 45
2 points
Time Remaining 2 hours 8 minutes 25 seconds
02:08:25
1
Item 45
Item 45 2 points
Time Remaining 2 hours 8 minutes 25 seconds
02:08:25
All of the following describe the International Accounting Standard Board (IASB) except for:
Multiple Choice
Board members of the IASB come from diverse geographical countries that have adopted IFRS.
The IASB is a privately funded accounting standards-setting body based in London.
The mission of the IASB is to develop a single set of high-quality, understandable and enforceable global accounting standards.
IASB members serve a five-year term subject to one reappointment.
Explanation / Answer
The first statement is correct as the board increased the number of its members from 13 to 16 giving more consideration to geographical contribution.
IFRS Foundation raises funds for the operation of IASB. Most of the contributors are banks and others companies which are interested in promoting international standards. Thus , the given statement is wrong and it does not describe IASB.
The statement is correct as the mission of IASB is to develop in public interest and based on clearly articulated principles set of high quality , understandable and enforceable global accounting standards.
The statement is correct . The term may cannot exceed 10 years in total length of service.
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