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The International Accounting Standards Board’s (IASB’s) Framework introduced the “going concern assumption” in 1989 (IASB Framework, Paragraph 23). Today, the first International Accounting Standard (IAS 1, par. 25), turning the going concern framework idea into a requirement, specifies the going concern assumption (IAS 1, par. 25) and precisely identifies the managers’ role (IAS 1, par. 26): management should take into account all available information and consider specific factors (current and expected profitability; debt repayment schedules, including replacement financing; etc.). Starting from the consideration of the international context, this chapter compares the current going concern assumptions as stated by the two sets of standards (International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (GAAP)) after the issuance of the new US accounting standard in 2014 (about the disclosure of uncertainties relevant to an entity’s ability to continue as a going concern).
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- The International Accounting Convergence Promoted by IASB and FASB Regarding Going Concern Status
- Chapter 4
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