Which of the following statements is true about the IASB's approach to accounting standard setting? The IASB approach is very similar to the rules-oriented basis favored by the FASB in the United States. The IASB uses a principles-based approach to standards formulation. The IASB pronouncements have been called a "cookbook" of accounting standards. O The Sarbanes-Oxley Act requires the IASB to move toward the approach for standard setting used by the FASB