Search results
Results from the WOW.Com Content Network
A going concern is an accounting term for a business that is assumed will meet its financial obligations when they become due. It functions without the threat of liquidation for the foreseeable future, which is usually regarded as at least the next 12 months or the specified accounting period (the longer of the two).
In accounting, goodwill is an intangible asset recognized when a firm is purchased as a going concern. It reflects the premium that the buyer pays in addition to the net value of its other assets. It reflects the premium that the buyer pays in addition to the net value of its other assets.
Going concern: assumes that the business will be in operation indefinitely. This validates the methods of asset capitalization, depreciation, and amortization . Only when liquidation is certain is this assumption not applicable.
“The Company is preparing to commence going out of business (GOB) sales at all remaining Big Lots store locations in the coming days to protect the value of its estate,” Big Lots said in the ...
If an entity's management decides after the reporting period to liquidate the entity or to cease trading, or that it has no alternative but to do so—the entity is no longer a going concern—IAS 16 considers this effect so pervasive that a fundamental change in basis of accounting would be required. In such instances, an entity shall not ...
"We all have worked extremely hard and have taken every step to complete a going concern sale," Big Lots CEO Bruce Thorn said in a statement. "While we remain hopeful that we can close an ...
Accounting standards prescribe in considerable detail what accruals must be made, how the financial statements are to be presented, and what additional disclosures are required. Some important elements that accounting standards cover include identifying the exact entity which is reporting, discussing any "going concern" questions, specifying ...
However, if the auditor considers that the auditee is not a going concern, or will not be a going concern in the near future, then the auditor is required to include an explanatory paragraph before the opinion paragraph or following the opinion paragraph, in the audit report explaining the situation, [8] [9] which is commonly referred to as the ...