(L.O. 5) Members of the Financial Accounting Standards Board are:

a. employed by the American Institute of Certified Public Accountants (AICPA).

b. part-time employees.

c. required to hold a CPA certificate.

d. independent of any other organization.

Explanation: The members of the FASB are well-paid, full-time members. The FASB is not affiliated with the AICPA; it is not associated with any single professional organization. The FASB is answerable only to the Financial Accounting Foundation. It is not necessary to be a CPA or a member of the AICPA to be a member of the FASB. FASB members must sever all ties with CPA firms, companies, or institutions.

(Solution = d.)