Multiple Choice Question

Which of the following statements is true regarding the Financial Accounting Standards Board's $($FASB$\text{'}$s$)$ standard$-$setting process?

The FASB issues accounting standards to adhere to the dictates of the SEC.

The FASB follows an open, due process procedure.

The FASB's standard$-$setting process is directed by the IASB as U$.$S$.$ generally accepted accounting principles $($GAAP$)$ must be in conformity with IFRS.

The FASB Codification is no longer subject to change except for a limited number of unusual circumstances.