Question

The major distinction between the Financial Accounting Standards Board (FASB) and its predecessor, the Accounting Principles Board (APB), is A. a majority of the members of the FASB are CPAs who are drawn from public practice. B. all members of the FASB possess extensive experience in financial reporting. C. all members of the FASB are fully remunerated, serve full time, and are independent of any companies or institutions. D. the FASB issues exposure drafts of proposed standards.

Answer 1

The answer is: C) all members of the FASB are fully remunerated, serve full time, and are independent of any companies or institutions.

Step-by-step explanation:

The FASB Board has 7 members which serve full time and get paid for doing it. Before their appointment to the board, they must cut all ties with any firms or institutions. Board members are appointed for five year terms and are eligible for one reappointment (another five more years).