Which of the following statements is true about the IASB‘s approach to accounting standard setting?
A.
The IASB approach is very similar to the rules-oriented basis favored by the FASB in the United States.
B.
The IASB uses a principles-based approach to standards formulation.
C.
The IASB pronouncements have been called a "cookbook" of accounting standards.
D.
The Sarbanes-Oxley Act requires the IASB to move toward the approach for standard setting used by the FAS