3. Until accounting standard-setting bodies were set up to provide guidance to the practice of accounting, companies in the U.S. provided inconsistent financial reporting. Which of the following was the first standard-setting body created in response to this problem? a. IFRS b. APB C. CAP d. FASB e. None of the above. 4. Which type of accounting standard relies on theories and concepts that are linked to a well-developed theoretical framework? a. Objectives-based standard b. Principles-based standard C. Rules-based standard d. Discretionary Principles e. None of the above