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Which of the following statements is not true? a. FASB established EITF to provide timely guidance b. Accounting standards may have significant economic consequences c.

Which of the following statements is not true?

	a.	FASB established EITF to provide timely guidance
	b.	Accounting standards may have significant economic consequences
	c.	FASB is practically controlled by SEC
	d.	Standard setting is a political process in nature

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