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Moscow: IAS bookkeeping companies

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FINANCIAL STATEMENTS > General features >

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Going concern

When preparing financial statements, management shall [one] make an assessment of an entity’s ability to continue as a going [two] concern. An entity shall prepare financial statements [three] on a going concern basis unless management either [four] intends to liquidate the entity or to cease trading, or has [five] no realistic alternative but to do so. When [six] management is aware, in making its assessment, [seven] of material uncertainties related to events or conditions that [eight] may cast significant doubt upon the entity’s [nine] ability to continue as a going concern, the entity shall [ten] disclose those uncertainties. When an entity does [one] not prepare financial statements on a going concern [two] basis, it shall disclose that fact, [three] together with the basis on which it prepared [four] the financial statements and the reason why the entity is [five] not regarded as a going concern.

In assessing whether [six] the going concern assumption is appropriate, management [seven] takes into account all available information about [eight] the future, which is at least, but is not [nine] limited to, twelve months from the end of the reporting [ten] period. The degree of consideration depends on the facts in each [one] case. When an entity has a history of profitable [two] operations and ready access to financial resources, the entity [three] may reach a conclusion that the going concern [four] basis of accounting is appropriate without detailed [five] analysis. In other cases, management may need [six] to consider a wide range of factors relating to current [seven] and expected profitability, debt repayment schedules and potential [eight] sources of replacement financing before it can [nine] satisfy itself that the going concern basis [ten] is appropriate.

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Feature conception:

Thus it appears, in what various ways Nature has taught man her first great lesson of love and union.

Nor did she give the same talents either in kind or in degree to all, evidently meaning that the inequality of her gifts should be ultimately equalized by a reciprocal interchange of good offices and mutual assistance.

Thus, in different countries, she has caused different commodities to be produced, that expediency itself might introduce commercial intercourse.

Desiderius Erasmus

The Complaint of Peace


Moscow: IAS bookkeeping companies


IAS bookkeeping companies in Moscow

Chapter: Moscow IAS bookkeeping companies

Moscow: IAS bookkeeping companies


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