National accounting standard-setter
Its powers and responsibilities vary with national law. It may develop domestic requirements, advise on adoption or implementation of international standards, and contribute evidence or comments to the IASB’s due process. The IASB issues IFRS Accounting Standards; national law and regulators determine local adoption and enforcement arrangements.
Worked example
A national body gathers views from local preparers on an IASB exposure draft and submits a response. The IASB considers that evidence alongside responses from other jurisdictions before deciding on the final standard.
Common mistake
Assuming every national standard-setter enforces IFRS worldwide, or that the IASB itself decides local statutory adoption.
Where it appears in your exams
| Qualification | Exam | Relationship | Period |
|---|---|---|---|
| ACCA | FR | Direct | September 2026–June 2027 |
| ACCA | SBR | Supporting | September 2026–June 2027 |