Accounting in case going concern is not followed

Joint venture is created by two firms for completing a particular project, or for a definite period of time. Hence, going concern concept is not followed in such case.

1)  JOINT VENTURES DOES NOT HAVE ANY SPECIFIC GOVERNING ACTS .

2) CASH BASIS OF ACCOUNTING IS APPLICABLE  IN  JOINT VENTURES.

3)  LIQUIDATES  AFTER  DEFINITE PERIOD OF TIME  AND  ON  ACHIEVING PURPOSE   

4) Income of a Joint Venture project, may be assessed in the status of an ‘Association of persons’ under the Income-Tax Act.

 

Someone is trying hard to override the conceptual framwork. What about leases? They also get terminated! Going concern is only for reporting entities! They try every trick to keep they businesses running. 

Otherwise, its a federal offence and no matter who it is like related parties or third parties if they have deliberate acts to ruin a business. Personally I try to ruin my ex employers because they did not treat me properly. Its all consumer laws now rather than going concern