a. IASB oversees FASB.

b. IOSCO oversees both the IASB and FASB.

c. SEC oversees both the IASB and FASB.
d. SEC oversees FASB, IOSCO oversees IASB.
3. Governance of the FASB involves:
a. FASB, FAF, FASAC, and IOSCO.
b. FASB, FAF, FASAC, and staff and task forces.
c. FASB, FAF, IASB, and task forces.
d. FASB, FAF, IASB, and the SEC.
4. Which of the following statements is false?
a. FASB is a government office within the SEC.
b. The FASB and IASB have similar governance structures.
c. U.S. GAAP is generally viewed as more detailed or rules-
based, IFRS is viewed as more principles-based.
d. The SEC oversees FASB standards-setting.
5. Which of the following statements is true?
a. The IASB does not include the public interest in its
governance.
b. The IASB structure has both advisory and interpretation
functions, but no Foundation.
c. The IASB has been in existence longer than the FASB.
d. The IASB structure is quite similar to the FASB's, with a
Foundation, Board, Advisory Council, and Interpretations
committee.

GAAP Concepts and Application

GAAP1.1 What organizations are the two key players in the
development of U.S. GAAP? Explain their role.

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