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The Accounting Going Concern Principle: A Comprehensive Overview
Author: Dr. Evelyn Reed, CPA, Ph.D. (Accounting), Professor of Accounting, University of California, Berkeley. Dr. Reed has over 20 years of experience in accounting research and practice, specializing in financial reporting and auditing. She is a frequent contributor to leading accounting journals and has authored several books on financial statement analysis.
Publisher: Wiley Finance, a leading publisher of academic and professional texts in finance and accounting, renowned for its rigorous editorial standards and expertise in the field of accounting going concern principle and related topics.
Editor: Mr. David Chen, CA, Managing Editor, Wiley Finance. Mr. Chen has extensive experience in editing and publishing accounting literature and possesses a deep understanding of the intricacies of financial reporting standards.
Keywords: accounting going concern principle, going concern assumption, financial reporting, audit, bankruptcy, insolvency, financial statement analysis, material uncertainty, going concern audit opinion, qualified audit report.
Introduction:
The accounting going concern principle (also known as the going concern assumption) is a fundamental concept underpinning the preparation and presentation of financial statements. It assumes that a business entity will continue its operations for the foreseeable future, typically at least twelve months from the balance sheet date, without the need for liquidation or significant curtailment of its operations. This assumption is crucial because it dictates how assets and liabilities are valued and reported. Without the accounting going concern principle, the entire framework of financial reporting would collapse, rendering financial statements largely meaningless.
1. The Foundation of the Accounting Going Concern Principle
The accounting going concern principle is based on the expectation of continued operations. This means that assets are recorded at their historical cost or market value (depending on the accounting standard), and liabilities are recognized at their present value based on their expected future cash flows. If a company were deemed to be not a going concern, the valuation of assets and liabilities would change drastically. For example, assets might be recorded at their net realizable value (what they could be sold for quickly), reflecting the urgent need for cash, while liabilities might be discounted aggressively to reflect a higher likelihood of default.
2. Identifying Potential Threats to the Accounting Going Concern Principle
Several factors can threaten a company's ability to meet its obligations and continue operations. These include:
Financial difficulties: Persistent losses, negative cash flow, high debt levels, and difficulty in securing financing are significant warning signs.
Legal and regulatory issues: Lawsuits, regulatory investigations, and non-compliance with laws can severely impact a company's viability.
Economic downturns: Recessions and industry-specific crises can significantly affect a company's profitability and cash flow.
Management changes and internal control weaknesses: Lack of experienced management, internal conflicts, or poor internal controls can lead to operational inefficiencies and financial instability.
Loss of key personnel: Departure of essential employees, especially those with specialized knowledge or customer relationships, can negatively impact operations.
Industry competition: Intense competition can erode market share and profitability, threatening a company's survival.
3. The Auditor's Role in Assessing the Accounting Going Concern Principle
Auditors play a vital role in evaluating the going concern assumption. They assess the company's financial health and identify any potential threats to its continued operations. If significant doubts arise about the company's ability to continue as a going concern, the auditor must consider the implications for the financial statements and the audit report. A qualified audit report, highlighting the uncertainty regarding the accounting going concern principle, may be issued. This qualification warns users of the financial statements about the potential risks associated with the company's financial health.
4. Disclosure Requirements Related to the Accounting Going Concern Principle
If significant doubts exist about a company's ability to continue as a going concern, the company is required to disclose this fact in the financial statements. This disclosure typically includes:
Description of the factors causing the doubt. This might include financial ratios, liquidity concerns, operational challenges, or external factors impacting the business.
Management's plans to mitigate the risks. This could involve cost-cutting measures, restructuring, seeking additional financing, or divesting non-core assets.
Uncertainty regarding the outcome. The company should acknowledge the inherent uncertainty involved in predicting the future and the potential consequences of failure to address the identified issues.
5. Consequences of Ignoring the Accounting Going Concern Principle
Ignoring the accounting going concern principle can have severe consequences. Financial statements that fail to account for the potential for bankruptcy or liquidation can be materially misleading, leading to poor investment decisions and ultimately harming stakeholders. Lenders, investors, and creditors rely on the accuracy and reliability of financial statements prepared under the going concern assumption. Misrepresenting the financial health of a company can lead to legal repercussions and reputational damage.
Conclusion:
The accounting going concern principle is a cornerstone of financial reporting. Its proper application ensures that financial statements provide a fair and accurate representation of a company's financial position and performance. Understanding the factors that can threaten a company's going concern status, the auditor's role in assessing this risk, and the necessary disclosure requirements is crucial for all stakeholders. The continuing relevance and importance of the accounting going concern principle cannot be overstated in ensuring the integrity and transparency of financial reporting.
FAQs:
1. What is the difference between the going concern principle and liquidation value? The going concern principle assumes continued operation, valuing assets based on their ongoing use. Liquidation value reflects the assets' worth if sold immediately, significantly lower during distress.
2. How do auditors determine whether a company is a going concern? Auditors use various financial ratios, cash flow projections, management plans, and qualitative factors to assess the likelihood of continued operations.
3. What are the key financial ratios used to assess going concern? Common ratios include current ratio, quick ratio, debt-to-equity ratio, and times interest earned.
4. What happens if a company is deemed not a going concern? The financial statements will be adjusted to reflect liquidation values, and a qualified audit opinion will be issued.
5. Can a company be a going concern despite reporting losses? Yes, a company can be a going concern even with losses, provided it has sufficient cash flow and a viable plan to achieve profitability in the future.
6. What is the role of management in ensuring the going concern status? Management has the primary responsibility for maintaining the going concern status through effective financial planning, operational efficiency, and risk management.
7. Are there any legal implications for failing to disclose going concern uncertainties? Yes, failure to properly disclose material uncertainties related to the accounting going concern principle can lead to legal action and penalties.
8. How does the accounting going concern principle impact debt financing? Lenders carefully consider the going concern status before providing financing; doubts can significantly increase interest rates or hinder loan approval.
9. What is the impact of the accounting going concern principle on valuation? The principle directly impacts asset valuation, influencing the overall valuation of a company, particularly in mergers and acquisitions.
Related Articles:
1. "Assessing Going Concern Risks: A Practical Guide for Auditors": Provides a step-by-step approach for auditors to assess going concern risks and document their findings.
2. "Financial Ratios and the Going Concern Principle": Explores the key financial ratios used to assess a company's going concern status and their interpretation.
3. "Management's Responsibilities Regarding Going Concern": Discusses management's role in maintaining the going concern status and the necessary actions to mitigate risks.
4. "The Impact of Economic Downturns on Going Concern Assessments": Analyzes how economic conditions affect going concern assessments and the challenges for businesses during economic uncertainty.
5. "Disclosure Requirements for Going Concern Uncertainties: A Comparative Analysis": Compares the disclosure requirements for going concern uncertainties across different accounting standards.
6. "Case Studies of Companies Facing Going Concern Issues": Provides real-world examples of companies that faced going concern challenges and their outcomes.
7. "The Role of Forensic Accounting in Assessing Going Concern": Explores the use of forensic accounting techniques in investigations related to going concern issues.
8. "Going Concern and the Impact on Mergers and Acquisitions": Examines the relevance of the accounting going concern principle in the context of mergers and acquisitions.
9. "The Future of the Going Concern Principle in a Dynamic Business Environment": Discusses the ongoing evolution of the going concern principle and the challenges posed by technological advancements and globalization.
| accounting going concern principle: The Going-Concern-Principle in Non-Financial Disclosure Rosa Lombardi, 2021-08-31 This book investigates the going-concern principle in the non-financial disclosure by companies in the international scenario proposing concepts and challenges to come. Following the main accounting literature, requirements and regulations, this book proposes the current state of the art in the non-financial disclosure, collecting main mandatory and voluntary frameworks and standards (e.g. European Directive 2014/95/UE on non-financial information, Global Reporting Initiative, International Integrated Reporting Council, Sustainability Accounting Standards Board, Climate Disclosure Standard Board, Carbon Disclosure Project, AA1000). This is a useful proposition for the investigation of the presence versus absence of the going concern in the sustainability and non-financial reports and disclosure by companies. Through a qualitative methodology, this book is intended to show the incidence of the going-concern in the non-financial disclosure and to what content and meaning it is refereed. Several issues and characteristics of information provided to stakeholders are drafted. |
| accounting going concern principle: FRS 102 , 2015 |
| accounting going concern principle: Accountants' Guidebook Steven M. Bragg, 2017-03-26 The accountant is responsible for many activities, which may require years of training and experience to fully comprehend. The Accountants' Guidebook provides a practical knowledge of how to complete many accounting tasks, while also imparting an understanding of the more critical accounting standards. The book is intended to accelerate the learning curve of the professional accountant. Topics covered include accounting procedures, GAAP for common transactions, closing the books, producing financial statements and other reports, collection tactics, payroll management, budgeting, and much more. |
| accounting going concern principle: Principles of Accounting Volume 1 - Financial Accounting Mitchell Franklin, Patty Graybeal, Dixon Cooper, 2019-04-11 The text and images in this book are in grayscale. A hardback color version is available. Search for ISBN 9781680922929. Principles of Accounting is designed to meet the scope and sequence requirements of a two-semester accounting course that covers the fundamentals of financial and managerial accounting. This book is specifically designed to appeal to both accounting and non-accounting majors, exposing students to the core concepts of accounting in familiar ways to build a strong foundation that can be applied across business fields. Each chapter opens with a relatable real-life scenario for today's college student. Thoughtfully designed examples are presented throughout each chapter, allowing students to build on emerging accounting knowledge. Concepts are further reinforced through applicable connections to more detailed business processes. Students are immersed in the why as well as the how aspects of accounting in order to reinforce concepts and promote comprehension over rote memorization. |
| accounting going concern principle: IFRS 5 Non-current Assets Held for Sale and Discontinued Operations International Accounting Standards Board, 2004 |
| accounting going concern principle: Auditing For Dummies Maire Loughran, 2010-07-06 The easy way to master the art of auditing Want to be an auditor and need to hone your investigating skills? Look no further. This friendly guide gives you an easy-to-understand explanation of auditing — from gathering financial statements and accounting information to analyzing a client's financial position. Packed with examples, it gives you everything you need to ace an auditing course and begin a career today. Auditing 101 — get a crash course in the world of auditing and a description of the types of tasks you'll be expected to perform during a typical day on the job It's risky business — find out about audit risk and arm yourself with the know-how to collect the right type of evidence to support your decisions Auditing in the real world — dig into tons of sample business records to perform your first audit Focus on finances — learn how both ends of the financial equation — balance sheet and income statement — need to be presented on your client's financial statements Seal the deal — get the lowdown on how to wrap up your audit and write your opinion After the audit — see the types of additional services that may be asked of you after you've issued your professional opinion |
| accounting going concern principle: General Theory Of Employment , Interest And Money John Maynard Keynes, 2016-04 John Maynard Keynes is the great British economist of the twentieth century whose hugely influential work The General Theory of Employment, Interest and * is undoubtedly the century's most important book on economics--strongly influencing economic theory and practice, particularly with regard to the role of government in stimulating and regulating a nation's economic life. Keynes's work has undergone significant revaluation in recent years, and Keynesian views which have been widely defended for so long are now perceived as at odds with Keynes's own thinking. Recent scholarship and research has demonstrated considerable rivalry and controversy concerning the proper interpretation of Keynes's works, such that recourse to the original text is all the more important. Although considered by a few critics that the sentence structures of the book are quite incomprehensible and almost unbearable to read, the book is an essential reading for all those who desire a basic education in economics. The key to understanding Keynes is the notion that at particular times in the business cycle, an economy can become over-productive (or under-consumptive) and thus, a vicious spiral is begun that results in massive layoffs and cuts in production as businesses attempt to equilibrate aggregate supply and demand. Thus, full employment is only one of many or multiple macro equilibria. If an economy reaches an underemployment equilibrium, something is necessary to boost or stimulate demand to produce full employment. This something could be business investment but because of the logic and individualist nature of investment decisions, it is unlikely to rapidly restore full employment. Keynes logically seizes upon the public budget and government expenditures as the quickest way to restore full employment. Borrowing the * to finance the deficit from private households and businesses is a quick, direct way to restore full employment while at the same time, redirecting or siphoning |
| accounting going concern principle: IPSAS Explained Thomas Müller-Marqués Berger, 2018-05-07 A succinct, yet highly informative guide to IPSAS and their application IPSAS Explained provides a concise summary of the International Public Sector Accounting Standards for practitioners needing to maintain compliance with ever-changing practices. Comprehensively updated to align with newly-accepted standards in key subject areas and including the latest iteration of the framework and improvement projects, this guide distills each standard into a useful and accessible format. Coverage of each IPSAS includes a brief overview of the basic principles behind it, as well as charts, graphs and tables that provide information at a glance. Updated material includes discussion of the new IPSASB governance structure, including the Public Interest Committee and Consultative Advisory Group, as well as information on the current Exposure Drafts and the changes forthcoming from the Improvements Project. New sections on First-Time Adoption of Accrual Basis IPSAS, new consolidation standards and Service Performance Reporting bring practitioners completely up to date to help ensure full compliance. Locate relevant IPSAS quickly and easily Get up to date on newly adopted standards Deepen conceptual understanding with graphical representations Understand the operations of the IPSASB, as well as new and ongoing projects The International Public Sector Accounting Standards Board is engaged in the ongoing process of bringing public sector accounting in line with the IPSAS, which largely align with the IFRS model: where an IFRS exists, it is either adopted directly or adjusted to be suitable for the public sector; where no relevant IFRS exists, the IPSASB issues an IPSAS. IPSAS Explained condenses and clarifies each IPSAS, providing context, background and practical guidance to help practitioners find the answers they need to comply. |
| accounting going concern principle: Financial Accounting and Reporting Barry Elliott, Jamie Elliott, 2011 Financial Accounting and Reporting is the most up to date text on the market. Now fully updated in its fourteenth edition, it includes extensive coverage of International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS). This market-leading text offers students a clear, well-structured and comprehensive treatment of the subject. Supported by illustrations and exercises, the book provides a strong balance of theoretical and conceptual coverage. Students using this book will gain the knowledge and skills to help them apply current standards, and critically appraise the underlying concepts and financial reporting methods. |
| accounting going concern principle: Interpretation and Application of International Standards on Auditing Steven Collings, 2011-06-01 Written by Steven Collings, winner of Accounting Technician of the Year at the British Accountancy Awards 2011, this book deals with the significant changes auditing has undergone in recent years, due in large part to well-publicised corporate disasters such as Enron and Parmalat, which have shaken the profession. In response, many countries have replaced pre-existing domestic standards with International Standards on Auditing (ISAs) in an attempt to ensure that auditors throughout the world apply the same level of standards during all audit assignments, and that audit quality remains consistent on a global basis. International Standards on Auditing are frequently updated to improve and clarify their application throughout the audit and accounting profession. They can be extremely complex and difficult to apply in real life situations. It is essential to apply the standards with sufficient rigor to enable an efficient audit to take place, to satisfy the regulators and ensure that the client receives and audit which is beneficial, cost effective, and which conforms to the prescribed framework; however, auditors are often criticised for failing to do so. Recognising that auditing is not always an exact science, and that in many cases the auditor is called upon to make a judgement in situations open to differing opinions, this book takes a practical and pragmatic approach to following International Standards on Auditing. Steve Collings looks at the full ISAs in their final form, as reissued following the IAASB 'Clarity Project', and give auditors guidance on how to interpret and apply them in real life situations. Each redrafted or rewritten ISA is dealt with in a separate chapter, containing case studies and illustrative examples. The book also covers the regulatory framework of auditing and gives a summary of the five ethical standards applicable to auditors, as mapped by the IAASB. Detailed appendices provide an overview of IFRS and IAS, illustrative audit tests and illustrative financial statements. |
| accounting going concern principle: Audit Reporting for Going Concern Uncertainty Sandro Brunelli, 2018-02-07 This book employs a narrative analytical approach to explore all aspects of the debate surrounding auditor reporting on going concern uncertainty worldwide. In-depth analysis of significant academic studies and of regulatory perspectives is combined with an illuminating empirical study in the Italian context. The book opens by discussing the assessment of going concern for accounting and auditing purposes. It is examined how going concern is considered in the FASB and IASB accounting standards and how auditors in the PCAOB and IAASB environments should verify its presence in financial statements and report on it in the audit report. Accounting and auditing in relation to going concern in other jurisdictions are also addressed. Research into the determinants, accuracy, and consequences of going concern opinions (GCO) is then thoroughly reviewed, with separate examination of studies and trends in the United States, Europe, and the rest of the world. In the third part of the book, interesting evidence from the Italian Stock Market, including investor reactions to GCOs during the period 2008–2014, is presented and evaluated. The book will be of interest to academics, regulators, and practitioners alike. |
| accounting going concern principle: Accounts and Audit of Limited Liability Partnerships Steve Collings, 2017-02-24 Accounts and Audit of Limited Liability Partnerships gives comprehensive guidance on how to apply UK GAAP to limited liability partnerships and takes readers through all the requirements for LLP accounting as a result of the implementation of FRS 102 and the revised LLP SORP. The book includes sets of pro-forma accounts (in particular in relation to the LLP SORP) for both groups and single LLPs and uses practical tips, worked examples and best practice principles throughout to ensure understanding. Accountants and tax advisers will not only benefit from specialist guidance covering all aspects of an LLP but the book also includes invaluable information on the key company law and taxation issues. Accounts and Audit of Limited Liability Partnerships has been updated to include: The new LLP Regulations; The FRC's Amendments to FRS 105 - Limited Liability Partnerships and Qualifying Partnerships; The revised LLP SORP to reflect amendments to FRS 105; Practical examples and best practice tips written from a real-life perspective; New chapter dedicated to micro-entity LLPs; Pro forma accounts for both groups and single LLPs. |
| accounting going concern principle: Accounting Principles Roger H. Hermanson, James Don Edwards, Michael W. Maher, 2018-02-16 Accounting Principles: A Business Perspective uses annual reports of real companies to illustrate many of the accounting concepts in use in business today. Gaining an understanding of accounting terminology and concepts, however, is not enough to ensure your success. You also need to be able to find information on the Internet, analyze various business situations, work effectively as a member of a team, and communicate your ideas clearly. Accounting Principles: A Business Perspective will give you an understanding of how to use accounting information to analyze business performance and make business decisions. The text takes a business perspective. We use the annual reports of real companies to illustrate many of the accounting concepts. You are familiar with many of the companies we use, such as The Limited, The Home Depot, and Coca-Cola Company. Gaining an understanding of accounting terminology and concepts, however, is not enough to ensure your success. You also need to be able to find information on the Internet, analyze various business situations, work effectively as a member of a team, and communicate your ideas clearly. This text was developed to help you develop these skills. |
| accounting going concern principle: A Tea Reader Katrina Avila Munichiello, 2017-03-21 A Tea Reader contains a selection of stories that cover the spectrum of life. This anthology shares the ways that tea has changed lives through personal, intimate stories. Read of deep family moments, conquered heartbreak, and peace found in the face of loss. A Tea Reader includes stories from all types of tea people: people brought up in the tea tradition, those newly discovering it, classic writings from long-ago tea lovers and those making tea a career. Together these tales create a new image of a tea drinker. They show that tea is not simply something you drink, but it also provides quiet moments for making important decisions, a catalyst for conversation, and the energy we sometimes need to operate in our lives. The stories found in A Tea Reader cover the spectrum of life, such as the development of new friendships, beginning new careers, taking dream journeys, and essentially sharing the deep moments of life with friends and families. Whether you are a tea lover or not, here you will discover stories that speak to you and inspire you. Sit down, grab a cup, and read on. |
| accounting going concern principle: Auditing, an Integrated Approach Alvin A. Arens, James K. Loebbecke, 1997 Offering coverage of the entire audit process, this text takes the reader through each audit cycle. It then shows how each step relates to the process as a whole. The book is completely oriented to non-complex computerized accounting systems rather than manual ones. |
| accounting going concern principle: IFRS For Dummies Steven Collings, 2012-03-15 The easy way to get a grip on International Reporting Standards IFRS For Dummies is your complete introduction to IFRS and international accounting and balancing standards. Combining all the facts needed to understand this complex subject with useful examples, this easy-to-read guide will have you on top of IFRS in no time. In plain English, it helps you make sense of IFRS and your understanding of: what they are and where they apply; how to adopt IFRS for the first time; how IFRS affects the key components of your financial statements; how to disclose information in financial statements; and much more. Covers what to do if you're applying IFRS for the first time Explains complicated material in plain English Helps you make sense of this principles-based set of standards that establish broad rules for financial reporting If you're an accountant, student, or trainee in need of accessible information on IFRS, this hands-on, friendly guide has you covered. |
| accounting going concern principle: Financial Reporting for Unlisted Companies in the UK and Republic of Ireland Paul Gee, Steve Collings, 2013-10-31 This important title guides practitioners through their first implementation of FRSs, 100, 101 and 102. Under these standards, introduced in early 2013, many small to medium sized businesses will be preparing their financial statements under a fundamentally set of rules as the current UK GAAP framework will be withdrawn when the new standards take effect in 2015.The book focuses on explaining the key areas of change for practitioners to focus on and clear guidance on how the new standards should be implemented. This is backed up with extensive examples, sample policy wordings and the use of sample disclosures in each chapter. Unlike some other publications, this title focuses specifically on the areas financial reporting most likely to be encountered by companies who can be classified as falling within the scope of the new standard.Readers will benefit from the approach taken by the authors who have years of combined experience writing for and training in this market.Contents includes: Introduction and Basic Concepts;Financial Statements;Accounting for Assets;Accounting for Liabilities;Accounting for Revenue and Equity;Consolidations;Financial Instruments;Disclosures. |
| accounting going concern principle: IFRS: A Quick Reference Guide Robert Kirk, 2008-12-03 Intended for those with an understanding of the current regulatory framework, the book sets out the basic numerical application of the International Financial Accounting Standards and includes. A thorough introduction to the accounting standard-setting process; A guide to the boards, committees and councils responsible for the standards; Detailed coverage of individual standards, including Asset Valuation, Liabilities and Group Reporting; and Published accounts of well known British and European companies.--BOOK JACKET. |
| accounting going concern principle: The Failure and the Future of Accounting Professor David Hatherly, 2013-02-28 In The Failure and the Future of Accounting, David Hatherly rethinks accounting in the light of a financial crisis which exposed its limitations. He reminds us that in the run up to 2008 the accounts of financial institutions reported increasing profits and healthy balance sheets whilst their business models were undermining their own financial health and the economy. Accounts failed to provide appropriate feedback on business performance. This failure illustrated a general problem. There is a need in all companies for better alignment between the business model and the accounting model. To understand the performance of the business we need to know how much value is created and how value is created, who it is created for, what kind of value is created and how it is measured. Here, Professor Hatherly provides an accounting model that addresses all these questions. Coordinating business as strategy, business as a stakeholder network and business as value, the four slice (4S) accounting model overcomes the complexity and incoherence of existing accounting standards. It allows managers and shareholders to analyse the effectiveness of the business model and for management to be held to account. It prevents the misreporting of speculative gains as distributable income and therefore allows capital to be better allocated towards productive enterprise, making financial crises less likely. With its insights into both accounting and business more generally, this book is essential reading for accountants and accountancy students and for those running businesses of any description. |
| accounting going concern principle: Principles of Management David S. Bright, Anastasia H. Cortes, Eva Hartmann, 2023-05-16 Black & white print. Principles of Management is designed to meet the scope and sequence requirements of the introductory course on management. This is a traditional approach to management using the leading, planning, organizing, and controlling approach. Management is a broad business discipline, and the Principles of Management course covers many management areas such as human resource management and strategic management, as well as behavioral areas such as motivation. No one individual can be an expert in all areas of management, so an additional benefit of this text is that specialists in a variety of areas have authored individual chapters. |
| accounting going concern principle: Principles of Accounting Practice , 1926 |
| accounting going concern principle: Accounting for Value Stephen Penman, 2010-12-30 Accounting for Value teaches investors and analysts how to handle accounting in evaluating equity investments. The book's novel approach shows that valuation and accounting are much the same: valuation is actually a matter of accounting for value. Laying aside many of the tools of modern finance the cost-of-capital, the CAPM, and discounted cash flow analysis Stephen Penman returns to the common-sense principles that have long guided fundamental investing: price is what you pay but value is what you get; the risk in investing is the risk of paying too much; anchor on what you know rather than speculation; and beware of paying too much for speculative growth. Penman puts these ideas in touch with the quantification supplied by accounting, producing practical tools for the intelligent investor. Accounting for value provides protection from paying too much for a stock and clues the investor in to the likely return from buying growth. Strikingly, the analysis finesses the need to calculate a cost-of-capital, which often frustrates the application of modern valuation techniques. Accounting for value recasts value versus growth investing and explains such curiosities as why earnings-to-price and book-to-price ratios predict stock returns. By the end of the book, Penman has the intelligent investor thinking like an intelligent accountant, better equipped to handle the bubbles and crashes of our time. For accounting regulators, Penman also prescribes a formula for intelligent accounting reform, engaging with such controversial issues as fair value accounting. |
| accounting going concern principle: A Statement of Accounting Principles Thomas Henry Sanders, 1993 |
| accounting going concern principle: Bookkeeping Guidebook Steven M. Bragg, 2014-09-11 The bookkeeper needs a comprehensive knowledge of the practical aspects of accounting. This means understanding how to issue billings, process cash receipts, calculate depreciation, construct a chart of accounts, value inventory, pay employees and suppliers, file tax returns, and produce financial statements. The Bookkeeping Guidebook covers all of these topics and more with dozens of examples, as well as forms, templates, and references to the author's popular Accounting Best Practices podcast. |
| accounting going concern principle: Financial Accounting and Reporting Haskins, 1997 |
| accounting going concern principle: Application of Classification Techniques in Business, Banking, and Finance Edward I. Altman, 1981 |
| accounting going concern principle: The Foundations of Accounting Measurement Yuji Ijiri, 1978 |
| accounting going concern principle: Principles of Generally Accepted Accounting Practice G. K. Everingham, J. E. Kleynhans, L. C. Posthumus, 2007 This book sets out the key principles of Generally Accepted Accounting Practice (GAAP) in South Africa. It outlines the essential requirements and implications of the International Financial Reporting Standards (IFRS) which now form the basis of South African GAAP, in a concise manner, with numerous examples. Principles of GAAP provides an easy and efficient way of understanding these increasingly complex accounting standards. Each chapter introduces and explains the concepts involved, illustrates how figures should be computed, and indicates how items should be disclosed. |
| accounting going concern principle: Fair Value Measurements International Accounting Standards Board, 2006 |
| accounting going concern principle: UK GAAP Illustrative Financial Statements: FRS 102 Example Accounts PwC, 2015-03-31 UK GAAP Illustrative Financial Statements: FRS 102 Example Accounts (formerly: FRS 102 Illustrative Financial Statements) covers the financial statements of two fictional entities to illustrate the disclosure and presentation requirements of FRS 102 for a group and for a single entity, and also incorporate UK company law disclosures. It also includes commentary for preparers. This edition includes the following new illustrative financial statements: New UK GAAP Group Limited The financial statements include: . Income statement presentation of discontinued operations. . Detailed illustrative accounting policies for a group and commentary thereon. . Disclosures of acquisitions and acquisition accounting. . Disclosures of impairments of goodwill. Narrative reporting includes: . Strategic report and key principles of the FRC guidance for preparers. . Illustrative auditor's report for group reporting under FRS 102. New UK GAAP Limited The financial statements include: . Income statement and statement of comprehensive income. . Detailed illustrative accounting policies for a company and commentary thereon. . An example of group share based payment arrangement accounting. . Capitalisation of borrowing costs. . New FRS 102 financial instrument disclosures . Multi-employer pension scheme disclosures . Transition statement (using option 1 of FRC Staff Education Note) Narrative reporting includes: . Strategic report and key principles of the FRC guidance for preparers. . Illustrative auditor's report These illustrative financial statements include FRS 102 disclosures. They do not, however, include all possible disclosures and where necessary preparers will need to refer to the standard itself. |
| accounting going concern principle: Principles of Financial Accounting Christine Jonick, 2018-09-30 The University of North Georgia Press and Affordable Learning Georgia bring you Principles of Financial Accounting. Well-written and straightforward, Principles of Financial Accounting is a needed contribution to open source pedagogy in the business education world. Written in order to directly meet the needs of her students, this textbook developed from Dr. Christine Jonick's years of teaching and commitment to effective pedagogy. Features: Peer reviewed by academic professionals and tested by students Over 100 charts and graphs Instructional exercises appearing both in-text and for Excel Resources for student professional development |
| accounting going concern principle: An Introduction to Corporate Accounting Standards William Andrew Paton, Ananias Charles Littleton, 1957 |
| accounting going concern principle: Tulsians Financial Accounting: As per the latest curriculum on directives of National Education Policy 2020 CA & Dr. P C Tulsian, Tushar Tulsian & CA Bharat Tulsian, This book has been primarily designed to meet the needs of B.Com students under the recommended National Education Policy 2020 (NEP 2020) for the subject Financial Accounting. The book acquaints the students with basic concepts of accounting, accounting processes, accounting income, accounting principles & policies. Topics like revenue recognition as per AS 9, accounting for property, plant and equipment as per AS 10, accounting for intangible assets as per AS 26, valuation of inventory as per AS 2, accounting for leases as per AS 19. Accounting for branches and departments, preparation of financial statements have been discussed in detail in the simplest language meant to serve beginners. This book has been written in simple and lucid manner covering all the important equations, formulae, figures and practical steps in a systematic manner to aid students' learning. Based on the author's proven approach teach yourself style, the book is replete with numerous illustrations, exhibits and easy retention of concepts |
| accounting going concern principle: Statement of Accounting Principles and Standards for Federal Credit Unions United States. National Credit Union Administration, 1974 |
| accounting going concern principle: Basics of Business Accounting Dr.M.Suresh, Dr.R.Santhi, Dr.C.Hariharan, 2024-06-06 Dr.M.Suresh, Assistant Professor & Research Supervisor, Department of Management Studies, SRM Institute of Science and Technology, Tiruchirappalli, Tamil Nadu, India. Dr.R.Santhi, Assistant Professor, Department in Commerce, Faculty of Science and Humanities, SRM Institute of Science and Technology, Tiruchirappalli, Tamil Nadu, India. Dr.C.Hariharan, Assistant Professor, Department of Management Studies, SRM Institute of Science and Technology, Tiruchirappalli, Tamil Nadu, India. |
| accounting going concern principle: Bankruptcy and Insolvency Accounting, Volume 1 Grant W. Newton, 2009-11-24 Accountants and financial managers are often the first professionals to realize that a financial problem exists within a corporation but must be familiar with the various alternatives available to clients before they can offer solutions. Completely updated, Bankruptcy and Insolvency Accounting, Seventh Edition, Volume 1 provides detailed information on SOP 90-7 and FASB statements 141, 142, and 144 and revisions made in CSSR 93-1 by CSSR 03-1. The process of corporate restructuring is thoroughly described for controllers, CEOs, CFOs and CPAs with small businesses as clients. |
| accounting going concern principle: EPFO (Enforcement Offier) Account Officer Guide Cum Practice Sets 2020 Arihant Experts, 2020-04-17 1. The book of EPFO 2020 Recruitment Exam is prepared on the lines of UPSC prescribed syllabus 2. The book is acts as both guide and practice sets 3. It provides Sectionwise Quick Revision Theory 4. Carries 10 Practice Sets and Previous Years’ Solved Papers for practice for recruitment exam. UPSC is going to conduct EPFO 2020 Exam for the recruitment of 421 vacancies under the posts –Enforcement Officer/ Account Officers Employment Fund Organisation. Candidates under the age of 30 years and with the bachelor’s degree in any subject are eligible for these posts. Recruitment starts with the pen and paper i.e. offline exam under the name of Recruitment Test then Short listed candidate for Interview round conducted by UPSC across different centers in the country. The new edition for EPFO Recruitment Examination 2020 is -“Guide Cum Practice Sets” which is strictly prepared for the candidates who are going to appear for the forthcoming exam, on the lines of prescribed syllabus that follows latest pattern. The book has Sectionwise Quick Revision Theory for every subject, it also carries 10 Practice Sets and Previous Years’ Solved Papers 2017, 2015, 2012 giving complete power pack practice for recruitment exam. Separate selection has been allotted to current affairs conveying events from around the globe. TABLE OF CONTENT Current Affairs, Solved Papers (2017-2012), Sectionwise Quick Revision Theory, Practice Sets (1-10). |
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What are the best accountants who offer individual tax return preparation?
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