Manager’s Roles in Going Concern Analysis

Candi Avery, CPA, CGMA

Up until now, there has not been guidance related to going concern analysis and financial statement disclosure requirements in U.S. GAAP. Existing guidance has been embedded in the auditing standards, which have always required that auditors, not management, evaluate an organization’s ability to continue as a going concern for a reasonable period of time.

To help provide clarity around the issue, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.

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