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The International Accounting Standards Board (IASB) and the Financial Accounting Standards
Board (FASB) are two such regulatory bodies instituted to ensure consistency and
understandability of accounting information. The functions of these agencies are as follows: 1.
Setting accounting standards II. Respond to only 10% of public opinion on accounting matters
III. Ensure compliance with laws and regulations. IV. Settle controversies/disputes a. I,II and III
only b. None of the above c. I, III and IV only d. I and III only e. All of the above

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