Readability 3. Which of the following is true about the Financial Accounting Standards Board (FASB)? 1. FASB sets standards that apply to companies throughout the world. 2. FASB was created by the EITF to handle smaller issues in a timely manner. 3. FASB produces standards that apply to almost all companies in the United States. 4. FASB was created by the Securities Exchange Act of 1934