The International Accounting Standards Board (IASB):
A. Is the only source of generally accepted accounting principles (GAAP).
B. Identifies globally preferred accounting practices to increase comparability among financial statements.
C. Has the authority to impose its standards on companies around the world.
D. Only applies to companies that are members of the European Union.
E. Is the government group that establishes reporting requirements for companies that issue stock to the investing public.
Answer: B
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