AICPA supports FASB going-concern proposal

10/15/2013 | Journal of Accountancy online

The AICPA's Financial Reporting Executive Committee and the Center for Audit Quality have said in comment letters that they support the Financial Accounting Standards Board's proposed accounting-standards update "Presentation of Financial Statements (Topic 205), Disclosure of Uncertainties About an Entity's Going Concern Presumption." The proposal would require financial-statement preparers and management to perform and disclose an assessment on an entity's ability to continue as a going concern. Other elements of the proposal include clarification on the definition of "going concern" and the applicable time frame during which the entity should be evaluated.

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