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A going concern is a business that functions without the threat of liquidation for the foreseeable future, which is usually regarded as at least the next 12 months.Accounting · Auditing · Managements plans · Effects on the auditor's.
Table of contents
- Going Concern Concept - Definition, Explanation Examples and Importance | Accounting for Management
- Sponsored Resource
- Accounting for Management
- Going concern
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Going Concern Concept - Definition, Explanation Examples and Importance | Accounting for Management
What does it mean when a company is sold as a going concern? Sale as a going concern out of administration Company administration provides a breathing space for firms in financial trouble, and protects them from legal action by creditors for a defined period of time. So what are these two types of sale in more detail? As mentioned above, it is the responsibility of the company directors to provide an extensive assessment as to whether their going concern assumption is appropriate, through half-yearly and annual financial statements.
Directors cannot use the going concern basis if they are looking to stop trading, or even liquidate assets if that is the only alternative. Those that prepare a budget for their financial year have a significant advantage at identifying peak periods for their business, and the times they are most profitable.
They must look to the long-term future, and will, for example, provide detailed data on:.
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As stated above, the responsibility for concluding the assumption rests with the directors. For larger companies, they will be subject to a going concern audit.
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- Going concern concept;
The auditor must gather enough evidence and assess evaluations to support, or rebuke, whether the company can continue operating as a going concern. The going concern audit does not evaluate a period longer than a year. The auditor should:.
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- Sponsored Resource?
- What is going concern?.
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- Definition and explanation.
Assessing going concern for smaller companies should be more straightforward than larger businesses. Significant indicators that would suggest the accounts are not fair, and the assumption must be reassessed, might include:.
Accounting for Management
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Going concern
They will get a better price if they sell the restaurant as a going concern rather than closing it down. What is the pronunciation of going concern? Browse GOI.
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