Going Concern Principle Pdf Download

going concern principle pdf


Going Concern Principle Pdf Download http://bit.ly/2eKBEcG



















































Your browser doesn't accept cookies. (July 2013) (Learn how and when to remove this template message) . Managements plans[edit]. See discussion at Types of Default. The CPA Journal.


Ordinarily, information that significantly contradicts the going concern assumption relates to the entity's inability to continue to meet its obligations as they become due without substantial disposition of assets outside the ordinary course of business, restructuring of debt, externally forced revisions of its operations, or similar actions. When financial statements of one or more prior periods are presented on a comparative basis with financial statements of the current period, reporting guidance is provided in section 508. For example, the auditor should consider the adequacy of support regarding the ability to obtain additional financing or the planned disposal of assets. 15, Audit Evidence. The fact that the entity may cease to exist as a going concern subsequent to receiving a report from the auditor that does not refer to substantial doubt, even within one year following the date of the financial statements, does not, in itself, indicate inadequate performance by the auditor. Continuation of an entity as a going concern is assumed in financial reporting in the absence of significant information to the contrary.


This frequently puts the auditor in the position, in effect, of deciding whether a company is able to obtain the funds it needs to continue operating. ^ "Don't Panic". Some of the information that might be disclosed includes. It is not necessary to design audit procedures solely to identify conditions and events that, when considered in the aggregate, indicate there could be substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time. The Private Securities Litigation Reform Act of 1995 made it much more difficult for a plaintiff to bring suit successfully against a companys auditors. External links[edit]. The auditor's consideration of disclosure should include the possible effects of such conditions and events, and any mitigating factors, including management's plans. Exceptions[edit].

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