Audit professionals, CFOs and CEOs and other stakeholders of all companies should find long-awaited clarity and guidance in newly issued standards surrounding going concern disclosures in financial statement footnotes. Smith & Howard’s Assurance Services group reports that the Financial Accounting Standards Board (FASB) recently updated U.S. Generally Accepted Accounting Principles (GAAP) to clarify going concern disclosures.
Going Concern Disclosure Issues Clarified in Newly Issued FASB Standards
Posted by celliott on Sep 3, 2014 1:56:31 PM
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Topics: ASU 2014-15, Business Continuity, disclosures, FASB, financial statement disclosures, GAAP, Going Concern, Uncategorized
CPAs reconsider the “going concern” assumption every time they audit financial statements. When the long-term viability of a borrower is doubtful, it may cause the CPA to issue a qualified audit opinion — or, worse, to withdraw from the job altogether.
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Topics: Accounting, Audit Opinion, Advisory, Commercial Lenders, FASB, Going Concern, Uncategorized