Which of the following is not correct regarding IAS 39,International Accounting Standard 39,"Financial Instruments: Recognition and Measurement," and SFAS No.140,Statement of Financial Accounting Standards No.140,"Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities: A Replacement of FASB Statement No.125"?
A) IAS 39 represents a principles-based approach to standard setting.
B) SFAS No.140 represents a principles-based approach to standard setting.
C) SFAS No.140 represents a rule-based approach to standard setting.
D) In the large majority of cases,application of the two standards will result in the same accounting treatment for a receivable transfer.
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