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Jim understands that having rules for people to follow is important and allows for a certain level of consistency and comparability but is a little concerned that following all those rules would be too much hard work for a small business. Jim has been chatting to his good friend Paul who runs a specialist sporting goods store and Paul has said he prepares regular reports but doesn't follow any accounting standards.
Required
Problem 1: Identify for Jim which entities have to follow the AASB Standards when preparing reports and what criteria in the Statement of Accounting Concepts are used to determine this.
Jim is now quite confused. If not everyone has to follow the same rules how can any two businesses be compared. Jim is pretty sure if following the rules created extra work for him and he didn't really have to follow them he wouldn't bother.
Problem 2: Explain to Jim the benefits than can occur if he followedsome if not all aspects of the standards, even when it is not required. You should also try and provide some examples to help convince Jim.
in 2012 brittany who is single cares for her father raymond. brittany pays the bills relating to raymonds home. she
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