Accounting 

Educational material on the going concern requirements

On 13 January 2021, the IFRS Foundation issued educational material, 'Going concern — a focus on disclosure', which intends to support companies in its implementation of the requirements related to the preparation of financial statements using IFRS Standards on a going concern basis.

IAS 1 requires management to assess an entity’s ability to continue as a going concern. If management has significant concerns about the entity’s ability to continue as a going concern, the uncertainties must be disclosed. In the current stressed economic environment arising from the COVID-19 pandemic, deciding whether the financial statements should be prepared on a going concern basis may involve a greater degree of judgement than usual.

For more information, see Deloitte’s IFRS in Focus newsletter.

Sources: www.iasplus.com, Going concern—a focus on disclosure

IAS 1 IFRS dReport newsletter

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