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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 ...
An Analysis of the "Going Concern Assumption": Text Mining from Japanese Financial Report, Proceedings of American Accounting Association 2006 Annual Meeting, August 9, 2006, p. 131. Impact of the Change in Accounting Principles on Financial Analysis: Empirical Studies, the 17th Asia-Pacific Conference on International Accounting Issues ...
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.
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.
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 ...
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 ...
“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 ...
The actor went on to ask the villainous character if he enjoyed Carrey’s portrayal. "You know, they brought me in a couple days to do some consulting," he answered with a wink, adding that he ...