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5 Ιουν 2024 · Going concern is an accounting term for a company that has the resources needed to continue operating indefinitely until it provides evidence to the contrary. This term also refers to a...
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KPMG explains how an entity’s management performs a going concern assessment and makes appropriate disclosures. Q&As, interpretive guidance and illustrative examples include insights into how continued economic uncertainty may affect going concern assessments.
A going concern is an accounting term for a business that is assumed will meet its financial obligations when they become due.
This article discusses these responsibilities, as well as the indicators that could highlight where an entity may not be a going concern, and the reporting aspects relating to going concern. Candidates attempting AA will need to have a sound understanding of the concept of going concern.
What is going concern? The going concern assumption is a basic underlying assumption of accounting. For a company to be a going concern, it must be able to continue operating long enough to carry out its commitments, obligations, objectives, and so on. In other words, the company will not have to liquidate or be forced out of business.
3 Ιουλ 2024 · The going concern principle is the assumption that an entity will remain in business for the foreseeable future. Conversely, this means the entity will not be forced to halt operations and liquidate its assets in the near term at what may be very low fire-sale prices.
8 Ιουν 2021 · Going concern value is a value that assumes the company will remain in business indefinitely and continue to be profitable. Going concern value is also known as total value.
Most stakeholders are familiar with the specific discussion of going concern and related requirements in IAS 1 Presentation of Financial Statements to disclose material uncertainties relating to an entity’s ability to continue as a going concern.
8 Ιουλ 2020 · This Accounting Spotlight discusses key considerations related to an entity’s assessment of its ability to continue as a going concern given potential financial and operational challenges associated with coronavirus disease 2019.
