The major key players on the international side are the:

(a) IASB and FASB. (c) SEC and FASB.

(b) IOSCO and the SEC. (d) IASB and IOSCO.

Accounting standards can be defined as the common principles and procedures that provide information regarding basic accounting practices. The standards promote comparability and transparency of the financial statement.

Option (d) is correct because:

1. IASB: International accounting standard board is the regulatory body that establishes standards for the accounting sector.
2. IOSCO: International organization of the securities commission is the regulatory body that communicates with the different securities regulators and is also responsible for setting standards for securities sectors.

1. Option (a) is incorrect because FASB is responsible for the development of accounting standards in the U.S only.
2. Option (b) is incorrect because SEC is responsible for controlling the security market of the U.S only.
3. Option (c) is incorrect because both FASB and SEC are responsible for developing standards for the U.S only in their respective sectors.