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.
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.

Question

Quizplus · Accepted Answer

This statement is not a difference between the FASB and prior approaches. Prior to the FASB, the primary board for the development of generally accepted accounting principles was the Accounting Principles Board (APB) of the American Institute of Certified Public Accountants (AICPA). The creation of the FASB in 1973 was intended to be an improvement over the APB, but both boards share the responsibility for developing GAAP.

All but One of the Following Statements Indicates a Difference