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One of your clients thinks that accounting standards are complicated, and the businesses should be given liberty of using their own accounting rules instead of

One of your clients thinks that accounting standards are complicated, and the businesses should be given liberty of using their own accounting rules instead of using accounting standards issued by accounting standard setting bodies. Explain to your client by providing examples why do we need accounting standards? Use qualitative characteristics of financial information to support your argument regarding the use of accounting standards in the preparation of financial statements.

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