Which of the following is not true about the International Accounting Standards Board (IASB)? Multiple Choice The goal of the IASB is to develop a single set of high quality, understandable, enforceable, and globally accepted financial reporting standards based upon clearly articulated principles. The IASB is the authoritative accounting standards setting body for all member nations of the United Nations. The IASB's approach to accounting standard setting leans more toward defining broad principles that companies must follow, as opposed to the FASB's approach which tends to define detailed rules that companies must follow. The IASB has been working with the FASB in recent years to attempt to achieve convergence of International Financial Reporting Standards (IFRS) and U.S. GAAP.