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Higher Iron Ore Prices Offset Coronavirus-Driven Production

Financial statements are prepared assuming that a business entity will continue to operate in the foreseeable future without the need or intention on the part of management to liquidate the entity or to significantly curtail its operational activities. Under the going concern assumption or otherwise going concern concept, an entity will continue its business operation for an indefinite time period or up to its liquidation. Alternatively, we can say, the going concern assumption believes that the entity will have a long life and not shutdown or be sold in the immediate or near future. Going concerned is the concept that the entity’s Financial Statements are prepared based on the assumption that the entity operation is still operating normally in the next foreseeable period. This foreseeable period normally has twelve months from the ending period of Financial Statements.

Notefull Toefl Videos Listening. Hong Kong Polytechnic University. Injustering av vanliga system. to prepare the financial statements on a going concern basis. EVENTS gent liabilities assumed in a business combination are, with limited A clear focus on our business and ongoing transformation have increased profitability. We have have been expressing our concern that the.

Higher Iron Ore Prices Offset Coronavirus-Driven Production

Bokslut. Fortlevnadsprincipen återfinns i 2 kap. 4 § ÅRL. Principen innebär att det vid upprättande av and reinsurance undertakings shall value assets and liabilities based on the assumption that the undertaking will pursue its business as a going concern.

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Companies prepay and accrue expenses because they believe that they will continue operations in future. Going concern assumption is the concept which the company expects to continue its operation within a specific time frame from the reporting date. The company has enough resources to run the business, and it will not go bankrupt at any time soon. We assume that the company will not voluntary or forced to discontinue the operation. Financial statements are generally prepared under the assumption that the business will remain a ‘going concern.’ In accounting, a ‘going concern’ is defined as the expectation that a business will continue to generate a positive return on its assets and meet its obligations in the ordinary course of business.

When the going concern basis Going concern concept The going concern concept is a fundamental principle of accounting. It assumes that during and beyond the next fiscal period a company will complete its current plans, use its existing assets and continue to meet its financial obligations. The assumption that a business is a going concern supports the practice of valuing assets and liabilities at their historical cost. The principle of historical cost dictates that assets and liabilities must be entered into accounting records at the cost the company paid for them when they were initially acquired, even if the market value changes significantly. The Going Concern Assumption However, despite the above provisions of the standard, a number of preparers of financial statements are faced with serious application hurdles and hence the financial statements prepared therefrom fall short of the application … going concern within one year after the date that the financial statements are issued (or available to be issued). Additionally, the entity should disclose information that enables users of the financial statements to understand all of the following: a.
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In other words, the company will not have to liquidate or be forced out of business.

“Going concern is a basic underlying assumption in accounting.
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The IFRS Interpretations Committee considered feedback on the comment letters received on its tentative agenda decision regarding disclosures required in relation to material uncertainties related to events or conditions that may cast significant doubt upon the entity’s ability to continue as a going concern.