Each of the following statements is correct regarding the Financial Accounting Standards Board except It develops principles and attributes that allow organizations to understand the necessary elements to ensure a robust system of internal control. It is recognized as authoritative by the United States Securities and Exchange Commission and the American Institute of Certified Public Accountants. It establishes accounting concepts and standards for financial accounting and reporting and provides guidance on implementation of standards. It provides a conceptual framework that helps to increase understanding of, and confidence in, financial information on the part of users of financial reports