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What is the accounting term for a business that is assumed to meet its financial obligations?
What is the accounting term for a business that is assumed to meet its financial obligations?
A going concern.
How long is the foreseeable future typically regarded as when determining a going concern?
How long is the foreseeable future typically regarded as when determining a going concern?
At least the next 12 months or the specified accounting period (the longer of the two).
What does the presumption of going concern for a business imply?
What does the presumption of going concern for a business imply?
The basic declaration of intention to keep operating its activities for at least the next year.
When is the continuation of an entity as a going concern presumed as the basis for financial reporting?
When is the continuation of an entity as a going concern presumed as the basis for financial reporting?
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What is the term commonly used for the preparation of financial statements under the presumption of going concern?
What is the term commonly used for the preparation of financial statements under the presumption of going concern?
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