Going concern

A going concern is a business that functions without the threat of liquidation for the foreseeable future, usually regarded as at least within 12 months. It implies for the business the basic declaration of intention to keep running its activities at least for the next year, which is a basic assumption to prepare financial statements considering the conceptual framework of the IFRS. Hence, the declaration of going concern means that the entity has neither the intention nor the need to liquidate or curtail materially the scale of its operations.

Definition

The going concern assumption is universally understood and accepted by accounting professionals; however, it has never been formally incorporated into U.S GAAP. In October 2008, FASB issued an Exposure Draft called, going concern. It discusses the following possible pronouncements for the going concern:

  • Reconsideration of defining and incorporating the terms going concern and substantial doubt into U.S. GAAP
  • The time horizon over which management would evaluate the entity’s ability to meet its obligations
    • Read more
    This page contains text from Wikipedia, the Free Encyclopedia - https://wn.com/Going_concern

    Podcasts:

    Email this Page Play all in Full Screen Show More Related Videos
    PLAYLIST TIME:

    Latest News for: going concern

    Colleen Hoover has snarky response to people who found her recent posts 'disturbing | Daily ...

    The Daily Mail 21 Mar 2025
    Colleen, 45, sparked concern for her wellbeing earlier this week when she shared a rather unusual clip of herself at home making ice cubes using diet Pepsi ... 'That's very concerning ... concerns and said.

    Colorado Department of Transportation addresses concerns over deadly curve in Lakewood

    CBS News 21 Mar 2025
    Now the Colorado Department of Transportation is addressing concerns about this dangerous stretch of road ... "I can't imagine how fast that guy was going to do that damage," John McNurey said ... and that's my big concern," McNurey said.

    Regulator vows to back US exporters fearful about Trump’s shipping fees

    Freight Waves 21 Mar 2025
    exporters, but that didn’t quell concerns about the effect that million-dollar port fees planned against Chinese vessel operators would have on American ports ... “And we have drawn up our concerns to to represent everybody here in the room,” he said.

    Immigration lawyers concerned about scrutiny, civil rights for green card and visa holders

    Seacoast Online 21 Mar 2025
    “This administration from the beginning said that they were going to be targeting violent criminals, and that is not what we're seeing,” said Manchester immigration lawyer Enrique Mesa ... First Amendment concerns.

    Billionaire West Palm developer not worried about economy fears: 'I feel very optimistic'

    Palm Beach Daily News 21 Mar 2025
    "I think everybody long-term recognizes where we're going and what we are as a country," Ross said after a March 12 groundbreaking of the company's newest planned office towers, 10 and 15 CityPlace.

    ‘The Shompen way of life is set to be eroded,’ says Nicobarese anthropologist Anstice Justin

    Hindustan Times 21 Mar 2025
    My primary concern is that it does not appear to be constitutional ... Besides, how will the incoming population of 6.5 lakh get their water? Where will their sewage go? How will the Shompen make their concerns known in any meaningful way?.

    Harriette Cole: My little sister is giving college a second try, and I worry she’s ...

    East Bay Times 21 Mar 2025
    Your response to “Sad Journalist,” the reader who was contemplating switching careers and going to law school, was good, but it didn’t address the writer’s concern about being a “40-year-old first-year lawyer.”.

    \u2018A slap in the face\u2019: GOP congressman slams closure of Social Security office in district

    Colorado Springs Gazette 21 Mar 2025
    Concerns about mold don’t justify abandoning folks in the Lower Hudson Valley ... In a call with reporters on Tuesday, Dudek cited “health and safety concerns” in the current building. “Look, I’m not going ...

    'Premature to close the case:' Officials in Effingham County want answers on fire at DRT

    Savannah Morning News 21 Mar 2025
    But what Rahn discovered weeks earlier concerns him ... What is even more concerning is the location of where the fire occurred ... Kieffer added, "We take pride in that creek and have a lot of concerns with what may be going into it.".

    'It's been crazy': Locals deal with detours, road closures amid Route 80 sinkholes

    northjersey.com 21 Mar 2025
    The restaurant will be closed on Mondays going forward due to the drastic drop in sales ... However, he is concerned about what his commute may look like going forward as the westbound lanes remain closed ... "I don't go on Route 80 anymore.

    South Florida fire scorches 24K acres, blanketing region in smoke and disrupting traffic

    Usatoday 21 Mar 2025
    — Firefighters gained some ground Thursday in the blaze that has scorched thousands of acres between Miami and the Florida Keys, blanketing the region in smoke and periodically closing roads going into the Keys.

    Ellison, Letitia James and 3 other attorneys general discuss fears surrounding Trump

    SC Times 21 Mar 2025
    ... every day in my beloved Brooklyn, immigrants who are concerned about their family being separated, individuals who are concerned about whether or not their spouses are going to come home,” she said.

    Bill Burr reveals real reason he thinks 'nerds' like Elon Musk are building AI robots ...

    The Daily Mail 21 Mar 2025
    'They're going to take over the world,' he claimed. 'They are literally going to replace us ... Because they don't have any concern for it ... Because they don't have any concern for it.' ... And they're just going to leave.'.

    Clerics Demand Openness in Resumed Trial of

    This Day 21 Mar 2025
    With the new development, the concerned clerics posed the question whether Nigeria can still go ahead to prosecute Nnamdi Kanu  “for terrorism after breaking international laws.”.

    DOGE cuts are screwing up summer travel plans already

    Business Insider 21 Mar 2025
    He noted that the park typically has nearly 800 full-time and seasonal staff in the summer and that about 35 positions have been cut, including 10 who were let go and around 25 who took the deferred resignation offer.

    Article Search

    tools
    ×
    ×
    ×
    ×