CA1-1 (FASB and Standard-Setting) Presented below are four statements which you are to identify as

true or false. If false, explain why the statement is false.

Mostly interested in 1-3 as this is the question to be answered for homework. Please provide research and references. Thank You

CA1-1 (FASB and Standard-Setting) Presented below are four statements which you are to identify as

true or false. If false, explain why the statement is false.

1. GAAP is the term used to indicate the whole body of FASB authoritative literature.

2. Any company claiming compliance with GAAP must comply with most standards and interpretations

but does not have to follow the disclosure requirements.

3. The primary governmental body that has influence over the FASB is the SEC.

4. The FASB has a government mandate and therefore does not have to follow due process in issuing

a standard.