Statements of Position

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Description

Under generally accepted accounting principles, continuation for an entity is usually assumed in the absence of information to the contrary. The proposed Statement describes the types of contrary information that may raise questions about an entity's ability to continue and factors that may mitigate such information and describes the auditor's related considerations, including consideration of relevant plans of management and prospective data. The proposed Statement also discusses the adequacy of informative disclosures and the effects on the auditor's report when a question has been raised about an entity's ability to continue in existence. The proposed Statement does not, however, change existing standards for the auditor's reporting responsibilities.

ISBN

ed80-03-24

Publication Date

1980

Relational Format

Book

Keywords

Going concern (Accounting)

Disciplines

Accounting | Taxation

Comments

Originally published by: American Institute of Certified Public Accountants; Copyright and permission to reprint held by: American Institute of Certified Public Accountants; Exposure draft (American Institute of Certified Public Accountants), 1980, March 24

Proposed statement on auditing standards : The auditor's considerations when a question arises about an entity's continued existence;Auditor's considerations when a question arises about an entity's continued existence

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