Going concern concept
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 August 2013
What is the application of going concern concept on companies with no source of income?
There are no operations in the company only the assets n liabilities are being carried forward every year.
There are no operations in the company only the assets n liabilities are being carried forward every year.
01 September 2013
If the entity looses the concept of 'going concern' and does not prepare financial statements on a going concern basis, it shall disclose that fact, together
with the basis on which it prepared the financial statements and the reason why
the entity is not regarded as a going concern.
with the basis on which it prepared the financial statements and the reason why
the entity is not regarded as a going concern.
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