The terminology of going concern standards: how subtle differences in wording can have a big impact

Applicable to auditors as well, it proscribes, "The auditor has a responsibility to evaluate whether there is substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time, not to exceed one year beyond he date of the financial statements being...

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Bibliographic Details
Published in:	The CPA journal (1975) Vol. 86; no. 1; p. 34
Main Authors:	Daugherty, Brian, Dee, Carol Callaway, Dickins, Denise, Higgs, Julia
Format:	Journal Article
Language:	English
Published:	New York New York State Society of Certified Public Accountants 01-01-2016
Subjects:	Accounting Accounting and auditing Auditing standards Auditors Audits Evaluation Experiments Exposure drafts Financial statements Going concern (Accounting) Going concerns Practice Terminology United States United States > US
Online Access:	Get full text
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Summary:	Applicable to auditors as well, it proscribes, "The auditor has a responsibility to evaluate whether there is substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time, not to exceed one year beyond he date of the financial statements being audited[ hereinafter referred to as, ?a reasonable period of time'" [emphasis added]. [...]the going concern criteria in ASU 2014-15 are less aligned with IAS 1 than when first proposed.
ISSN:	0732-8435