The International Accounting Standards Board website explains how the IASB believes its relationship with national standards setters should be conducted.It notes that:
A) there should be close co-ordination between the due process of the IASB and the process of national standard-setters.
B) the IASB will inform national standard-setters of directions they should take, projects they should undertake and the outcomes that are expected of them.
C) the IASB expects national standard-setters to develop all standards of a domestic nature pertaining to the public and non-for-profit sectors, as its standards do not apply to these areas.
D) national standard setters should cede all responsibility for matters pertaining to accounting standards to the IASB, but retain responsibility for making interpretations on all matters of uncertainty.
E) national standard setters should cede all responsibility for matters pertaining to accounting standards to the IASB.

Question

Quizplus · Accepted Answer

The IASB believes in close coordination with national standard-setters in order to ensure consistency and convergence in accounting standards. The other choices are not accurate representations of the IASB's view on its relationship with national standard-setters.

The International Accounting Standards Board Website Explains How the IASB