Accounting Standards Update on Going Concern– August 27, 2014

Under Generally Accepted Accounting Principles (GAAP), financial statements are prepared under the presumption that the reporting organization will continue to operate as a going concern, except in limited circumstances. FASB has issued an update in response to stakeholder concerns about the lack of guidance in GAAP regarding when and how management should disclose conditions and events that raise substantial doubt about an organization's ability to continue as a going concern. Read the full article from FASB In Focus.


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