Weba going concern basis, it shall disclose that fact, together with the basis on which it prepared the financial statements and the reason why the entity is not regarded as a going concern” (IAS 1.25). IAS 1 appears then to suggest that a departure from the going concern basis is required when the specified circumstances exist. WebThe concept of going concern is an underlying assumption in the preparation of financial statements, hence it is assumed that the entity has neither the intention, nor the need, to liquidate or curtail materially the scale of its operations.

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WebNov 20, 2024 · FRS 102 (section 21.4) states that an entity should recognise a provision when: the entity has an obligation (legal or constructive) at the reporting date as a result of a past event; it is probable (ie more likely than not) that the entity will be required to transfer economic benefit in settlement; and WebFeb 1, 2024 · 2Going concern - a focus on disclosure The applicable requirements IAS 1 explains going concern by stating that financial statements are prepared on a going concern basis “unless management either intends to liquidate the entity or to cease trading, or has no realistic alternative but to do so. bottle delivery service

Going Concern - IAS Plus

WebUS GAAP comparison. 1. How to perform the assessment. IFRS Standards do not prescribe a method to perform the going concern assessment. US GAAP includes a detailed two … WebApr 8, 2024 · FRS 102 also provides that when management is aware, in making its assessment, of material uncertainties related to events or conditions that cast significant doubt upon the entity's ability to continue as a going … bottle deep money mp3