$40.$ Financial Reporting Standards

May and George Oliver are ensuring compliance with financial reporting standards. Which organization is responsible for setting international financial reporting standards?

a$)$ Financial Accounting Standards Board $($FASB$)$

b$)$ International Accounting Standards Board $($IASB$)$

c$)$ Securities and Exchange Commission $($SEC$)$

d$)$ Generally Accepted Accounting Principles $($GAAP$)$