Advanced Accounting 12th Edition by Joe Ben Hoyle,Thomas Schaefer , Timothy Doupnik

Exercise 13

Which of the following statements is correct with respect to the IFRS accounting policy hierarchy in situations where a specifically relevant IASB standard dealing with an accounting issue does not exist
A) The IASB Framework takes precedence over other IASB standards that deal with related issues.
B) The 1ASB Framework takes precedence over standards developed by standard-setting bodies in other countries that deal with the specific accounting issue.
C) The most recent specifically relevant pronouncement of any other standard-setting body may be used when IASB standards and Framework provide no helpful guidance.
D) IFRSs take precedence over IASs and Interpretations in identifying appropriate guidance.