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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 ...
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 business will continue to exist in the unforeseeable future.
Going concern: an entity will continue for the foreseeable future. Measurement in units of CPP of all constant real value non-monetary items automatically remedies the erosion caused by the stable measuring unit assumption (Historical Cost Accounting) of the real non-monetary values of all constant real value non-monetary items never maintained ...
Going concern: Financial statements are present on a going concern basis unless management either intends to liquidate the entity or to cease trading, or has no realistic alternative but to do so. [28]
“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 press release. “While we remain hopeful that we can close ...
Sweeping deportations pledged by President-elect Donald Trump could pose an economic shock for the restaurant industry in ways that echo the pandemic: pricier menus, rising wages, and shuttered ...
“It’s going to hit her like a truck when she finally — finally — sees all that he is up to,” someone wrote. “Right now she is still wrapped around his little finger.” ...
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 ...