B is corrent because ASC Topic 235 states that the summary of significant accounting policies should encompass those accounting principles and methods that involve a selection from existing acceptable alternatives (or are peculiar to the industry in which the entity operates). Of the answers listed, only basis of consolidation involves a choice among acceptable methods.
A is incorrect because while the maturity dates of long-term debt should be disclosed, they are not an accounting policy.
C is incorrect because while composition of plant assets should be disclosed, it is not an accounting policy.
D is incorrect because while the pro forma effect of retroactive application of an accounting change may be a required disclosure, it is not an accounting policy.
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