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 Conceptual Framework for Financial Reporting takes precedence over other IASB standards that deal with related issues.

b. The IASB Conceptual Framework for Financial Reporting 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 neither IASB standards nor the IASB Conceptual Framework for Financial Reporting provide helpful guidance.

d. IFRSs take precedence over IASs and Interpretations in identifying appropriate guidance.