The International Accounting Standards Board:
A) Was the predecessor to the IASC.
B) Can overrule the FASB when their policies disagree.
C) Promotes the use of high-quality, understandable global accounting standards.
D) Has its headquarters in Geneva.

Question

Quizplus · Accepted Answer

The International Accounting Standards Board (IASB) promotes the use of high-quality, understandable global accounting standards. It is an independent organization and does not have the authority to overrule the Financial Accounting Standards Board (FASB) or vice versa. The IASB is headquartered in London, not Geneva. The IASC was actually the predecessor to the IASB.