Which of the following is true with regard to the characteristics of the International Accounting Standards Board (IASB)?
A) A unanimous vote by all Board members is needed to issue a new International Financial Reporting Standard (IFRS).
B) The IASB consists of 13 part-time members.
C) Each member of the IASB must come from a different country.
D) IASB members are appointed for 5-year renewable terms.

Question

Quizplus · Accepted Answer

IASB members are indeed appointed for 5-year terms that are renewable. The board does not require unanimous votes to issue new standards, does not consist of part-time members (they are full-time), and there is no requirement that each member must come from a different country.

Which of the Following Is True with Regard to the Characteristics