All of the following describe the International Accounting S

All of the following describe the International Accounting Standard Board (IASB) except for:

Multiple Choice

Board members of the IASB come from diverse geographical countries that have adopted IFRS.

The IASB is a privately funded accounting standards-setting body based in London.

Incorrect

The mission of the IASB is to develop a single set of high-quality, understandable and enforceable global accounting standards.

IASB members serve a five-year term subject to one reappointment.

Solution

The IASB board does not require board members to be from countries who have adopted IFRS. To ensure international diversity, it requires the member\'s seat to be distributed among the Asia/Oceania region, Europe; America; Africa; and any other area, subject to maintain the geographical balance.

Thus the statement that Board members of the IASB come from diverse geographical countries that have adopted IFRS is incorrect.

Hence the first option is the answer.