Page 6 - GOING CONCERN AND RELATED ISSUES

GOING CONCERN AND FACTUAL INSOLVENCY

Going Concern (ISA 570) (Continued…)

Management – IAS 1 and ISA 570 per 03 –

management is required to make an assessment of

their entity’s ability to continue as a GC.

• If entity is considered a GC….?

• When material uncertainties exist…? (IAS 1, par 25)

• When financial statements are not prepared using the

GC;

• Fact to be disclosed

• Basis used

• Reasons for the departure (IAS 1 par 25)

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