Which of the following statements is INCORRECT?
A) The International Accounting Standards Board was replaced by the International Standards Committee in 2001.
B) The International Accounting Standards Board is funded by the IASC Foundation.
C) The responsibility for issuing International Financial Reporting Standards lies with the International Accounting Standards Board.
D) Members of the International Accounting Standards Board are appointed by the IFRS Foundation.

Question

Quizplus · Accepted Answer

The International Accounting Standards Board (IASB) was not replaced by the International Standards Committee in 2001. In fact, the IASB was created in 2001 as a successor to the International Accounting Standards Committee (IASC).

Which of the Following Statements Is INCORRECT