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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).
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 ...
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;
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]
Emphasis of matter is a type of paragraph in an auditors' report on financial statements.Such a paragraph is added to indicate a matter which is disclosed appropriately in the notes forming part of the financial statements that the auditor considers is fundamental to the users' understanding of the financial statements.
A concern (German: Konzern [kɔnˈtsɛʁn] ⓘ) is a type of business group common in Europe, particularly in Germany. It results from the merger of several legally independent companies into a single economic entity under unified management. A concern consists of a controlling enterprise and one or more controlled enterprises. [1]
For example, Van Cliburn's first sentence links to Cold War because his fame came partly from his Tchaikovsky Competition victory being used as a Cold War symbol. The first sentence of a page about someone who rose to fame in the 1950s for reasons unrelated to the Cold War should not mention the Cold War at all, even though the Cold War is part ...
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