Which of the following are true regarding the Financial Accounting Standards Board (FASB)?
A)The FASB includes ten members, each serving a term of three years.
B)Each member of the FASB must be a Certified Public Accountant.
C)There must be no conflict between the FASB members' private interest and the public interest.
D)All of the above are true.

Question

Quizplus · Accepted Answer

The Financial Accounting Standards Board (FASB) requires that there must be no conflict between its members' private interests and the public interest, ensuring the integrity and objectivity of its standards. The other statements are incorrect: the FASB has seven members, not ten, and members are not required to be Certified Public Accountants, though they often have extensive backgrounds in accounting or related fields.

Which of the Following Are True Regarding the Financial Accounting