Webb2) Going concern MFRS 110 states that the financial statements should not be prepared on a going concern basis where events after the reporting date indicate that the going … Webba going concern basis is a binary decision, but the circumstances in which entities prepare financial statements on a going concern basis will vary widely. The circumstances could range from when an entity is profitable and has no liquidity …

February 2024 Snapshot - pwc.com

WebbIFRS There are two scenarios in which specific disclosures are required in a company’s (interim) financial statements with regards to events or conditions that may cast significant doubt on a company’s ability to continue as a going concern: • Material uncertainties exist, i.e. after consideration of all available evidence (see above), management … WebbWhat the Project Aims to Achieve. The IAASB is currently working on a project to revise ISA 570 (Revised), Going Concern. The project is primarily focused on standard … sapphire tiles crawley

IFRS Viewpoint - Preparing financial statements when the going concern ...

WebbGoing concern issues arising after end of the reporting period. An entity shall not prepare its financial statements on a going concern basis if management determines after the end of the reporting period either that it intends to liquidate the entity or to cease trading, or that it has no realistic alternative but to do so. [IAS 10.14] Disclosure WebbOverview of going concern assessment; Step 1: Assess whether substantial doubt is raised; Step 2: Assess whether substantial doubt exists; Disclosures; Impact on other … Webboperations in accordance with IFRS 5 when a going concern basis is not applicable as the result of, for example, an intention to cease trading. Our view Our view is that assets classified as non-current in accordance with IAS 1 should not be reclassified as current assets unless and until they meet the ‘held for sale’ criteria in IFRS 5. short term missionary trips