It Is Proposed That How Many of the Following Entities

question 3

Multiple Choice

It is proposed that how many of the following entities would be classed as belonging to Tier 2 under AASB 1053 Application of Tiers of Australian Accounting Standards, and thus be given relief from some reporting requirements?
Not-for-profit private sector entities
Most public sector entities
Small proprietary companies

• A) 0
• B) 1
• C) 2
• D) 3

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Definitions:

Personal Representative

A personal representative is an individual appointed to administer the estate of a deceased person under a will or through a court process.

Nonprobate

Refers to assets or property that will pass to survivors by means other than a will, such as through trust or designated beneficiary.

Ambulatory

A term pertaining to the ability of a will to be changed by a testator.

Bequest

The act of giving property or money to someone else after one's death through a will.