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The going concern assumption is a fundamental assumption in the preparation of financial statements. Under the going concern assumption, an entity is ordinarily viewed as continuing in business for the foreseeable future with neither the intention nor the necessity of liquidation, ceasing trading or seeking protection from creditors pursuant to ...
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note (X) to the financial statements, the Company has suffered recurring losses and has a net capital deficiency. These conditions raise substantial doubt about its ability to continue as a going concern.
It lists the set of statements, for example the statement of financial position and statement of profit and loss, that together comprise the financial statements. [1] IAS 1 also elaborates on the following features of the financial statements: fairly presented and compliant with IFRSs; prepared on a going concern basis;
Amendment to Statement on auditing standards no. 122, Section 700, Forming an opinion and reporting on financial statements: January 2016: In effect 132: The Auditor's Consideration of an Entity's Ability to Continue as a Going Concern: February 2017: In effect 133: Auditor Involvement With Exempt Offering Documents: July 2017: In effect 134
While we remain hopeful that we can close an alternative going concern transaction, in order to protect the value of the Big Lots estate, we have made the difficult decision to begin the GOB ...
IAS 10 requires an entity to adjust the amounts recognised in its financial statements to reflect adjusting events after the reporting period. [7] For instance, the settlement after the reporting period of a court case that confirms that the entity had a present obligation at the end of the reporting period. [8]
(Reuters) -Utility firm Hawaiian Electric raised going concern doubts on Friday after disclosing that it did not have a financing plan in place for the $1.99 billion Maui wildfire settlement it ...
“While we remain hopeful that we can close an alternative going concern transaction, in order to protect the value of the Big Lots estate, we have made the difficult decision to begin the (going ...