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ARTICLE · 09 JULY 2013

FASB Issues Proposed Going Concern Standard

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As previously reported, the Financial Accounting Standards Board decided in November 2012 to proceed with its project to require companies to provide enhanced disclosures where there are questions regarding their financial viability.

United StatesAccounting and Audit
Thomas W. White
Thomas W. White
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As previously reported, the Financial Accounting Standards Board decided in November 2012 to proceed with its project to require companies to provide enhanced disclosures where there are questions regarding their financial viability. Last week, as described in this FASB Summary, FASB finally issued its formal proposal to require companies to evaluate and disclose "going concern uncertainties." FASB's exposure draft emphasizes that financial statements reflect a presumption that a reporting entity will be able to realize its assets and meet its obligations in the ordinary course of business, and that there should be consistent standards for management's evaluation of, and disclosures about, uncertainties that could affect that presumption.

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