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Multiple Choice Question Which of the following statements is true regarding the Financial Accounting Standards Board's ( FASB ' s ) standard - setting process?
Multiple Choice Question
Which of the following statements is true regarding the Financial Accounting Standards Board's FASBs standardsetting 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 standardsetting process is directed by the IASB as US 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.
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