Which of the following statements is CORRECT?

Select one:

a. IAS 8 Accounting Policies, Changes in Accounting Estimates, and Errors requires that The Conceptual Framework be followed in the absence of a specific standard or interpretation

b. The Conceptual Framework is used solely by the IASB when considering new accounting issues

c. The Conceptual Framework is non-binding guidance which does not have to be followed by preparers of financial statements

d. IAS 8 Accounting Policies, Changes in Accounting Estimates, and Errors recommends, but does not force The Conceptual Framework to be followed in the absence of a specific standard or interpretation