All of the following describe the International Accounting Standard Board (IASB) except for:

Multiple Choice

Board members of the IASB come from diverse geographical countries that have adopted IFRS.

The IASB is a privately funded accounting standards-setting body based in London.

Incorrect

The mission of the IASB is to develop a single set of high-quality, understandable and enforceable global accounting standards.

IASB members serve a five-year term subject to one reappointment.