The International Accounting Standards Board:

Question

Quizplus · Accepted Answer

The International Accounting Standards Board (IASB) promotes the use of high-quality, understandable global accounting standards. Option A is incorrect as the IASB is an independent organization based in London, UK, and not governed by the US Securities and Exchange Commission. Option B is not entirely accurate as the IASB and the Financial Accounting Standards Board (FASB) work collaboratively, and the IASB does not have the authority to overrule the FASB. Option D is incorrect as the FASB is the primary standard-setting body in the United States, not the IASB.