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A company is no longer a going concern if management either intends to liquidate the company or cease trading or.
Going concern ifrs. Known or knowable events beyond the look-forward period can be ignored in the going concern assessment although disclosure of their potential effects may still be required by other standards. Stakeholders are increasingly concerned about the impact of the COVID-19 pandemic on entities ability to continue as a going concern given the significant profitability and liquidity. 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 entitys ability to continue as a going concern.
Many entities will need to apply significant judgement and will be required to consider. Ad Find Ifrs Online Course. IFRS - COVID 19.
The impact of COVID-19 is expected to have a significant impact on the going concern assumption for a large number of entities. A 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 125. In the current stressed economic environment arising from the covid-19 pandemic.
Going concern considerations including financing challenges. IFRS - COVID-19. Preparation of Financial Statements when an Entity is No Longer a Going ConcernIAS 10.
Both IAS 1 and IAS 10 suggest that a departure from the going concern basis is required when specified circumstances exist. Unlike IFRS Standards the going concern assessment is performed for a finite period of 12 months from the date the financial statements are issued or available to be issued for nonpublic entities. Going concerna focus on disclosure January 2021 1 January 2021 Going concerna focus on disclosure A fundamental decision management has to make in preparing financial statements applying IFRS Standards is whether to prepare them on a going concern basis.
IAS 1 requires the management to assess whether an entity is a going concern that is. Some entities which were previously a going concern may no longer be. The Committee previously considered a request for clarification on the disclosure requirements about the assessment of going concern in IAS 1.
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