Abstract
Most financial statements are prepared on the basis that the entity will continue in operational existence for the foreseeable future (i.e. on the going concern basis). This means that there is no intention or necessity to liquidate or curtail significantly the scale of operation of the entity. The Act and SSAP 2 state that an entity is presumed to be carrying on business as a going concern unless the financial statements state otherwise.
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© 1999 Deloitte & Touche
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Wild, K., Creighton, B., Deloitte & Touche technical department. (1999). Reports on the appropriateness of the going concern basis. In: GAAP 2000. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-15081-6_38
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DOI: https://doi.org/10.1007/978-1-349-15081-6_38
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-15083-0
Online ISBN: 978-1-349-15081-6
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