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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).
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.
3. Constant Purchasing Power Accounting (see the Framework (1989), Par 104 (a)). A. Under Historical cost accounting the underlying assumptions used in IFRS are: Accrual basis: the effect of transactions and other events are recognized when they occur, not as cash is gained or paid. Going concern: an entity will continue for the foreseeable future.
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.
Going concern is a term which means that an entity will continue to operate in the near future which is generally more than next 12 months, so long as it generates or obtains enough resources to operate. If the auditee is not a going concern, it means that the entity might not be able to sustain itself within the next twelve months.
WeWork said Wednesday it will attempt to renegotiate nearly all of its leases and may exit some properties, an announcement coming just weeks after the workspace-sharing company sounded the alarm ...
"Hearst Magazines and Yahoo may earn commission or revenue on some items through these links." Queen Camilla has pulled out of more scheduled appearances amid an ongoing chest infection that’s ...
Unexplained changes in cholesterol may help identify older adults at risk for dementia,study finds. Experts explain cholesterol and dementia risk.