Which of the following is not correct regarding IAS 39, International Accounting Standard 39, "Financial Instruments: Recognition and Measurement," and SFAS No. 140, Statement of Financial Accounting Standards No. 140, "Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities: A Replacement of FASB Statement No. 125"?
a. IAS 39 represents a principles-based approach to standard setting.
b. SFAS No. 140 represents a principles-based approach to standard setting.
c. SFAS No. 140 represents a rule-based approach to standard setting.
d. In the large majority of cases, application of the two standards will result in the same accounting treatment for a receivable transfer.
B
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