The International Accounting Standards Board (IASB)website Explains How the IASB

The International Accounting Standards Board (IASB) website explains how the IASB believes its relationship with national standards setters should be conducted.It notes that:

A) There should be close coordination 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.