Each of the following statements is correct regarding the Financial Accounting Standards Board except a. It establishes accounting concepts and standards for financial accounting and reporting and provides guidance on implementation of standards. b. It provides a conceptual framework that helps to increase understanding of, and confidence in, financial information on the part of users of financial reports. c. It is recognized as authoritative by the United States Securities and Exchange Commission and the American Institute of Certified Public Accountants. d. It develops principles and attributes that allow organizations to understand the necessary elements to ensure a robust system of internal control.

The answer is c. It is recognized as authoritative by the United States Securities and Exchange Commission and the American Institute of Certified Public Accountants.

Explanation:

IASB and it's standards are not accepted nor used in the United States of America as they have a seperate body and a seperate set of standards that are used in accounting and financial reporting and presentation.

These are known as Generally Accepted Accounting Practices or US GAAP which are issued by the Financial Accounting Standards Board (FASB) of USA.

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