(Solved): Which of the following is not true about the International Accounting Standards Board (IASB)? Multip ...

Which of the following is not true about the International Accounting Standards Board (IASB)? Multiple Choice The LASB's approach to accounting standard setting leans more toward defining broad principles that companies must follow, as opposed to the FASErs approach which tends to define detailed rules that companies must follow. The goal of the LASB 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 LASB has been working with the FASB in recent years to attempt to achieve corrvergence of International Financial Reporting Standards afreq and US GANP.