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Going concern – preparing financial statements

Financial statements are prepared on the basis that a business will continue to operate for the foreseeable future i.e., that it is a going concern.
Our guidance outlines who is responsible for ensuring that the going concern basis is appropriate, offers practical advice on how to make this assessment, and explains the implications for the accounts.
Displaying 1-9 of 9 results
Exclusive Going concern considerations - a guide for IFRS reporters
  • Helpsheets and support
  • 06 Sep 2022
This guide summarises management’s responsibilities for assessing going concern and the associated practical implications for financial reporting under IFRS.
Exclusive Going concern considerations – a guide for FRS 105 preparers
  • Helpsheets and support
  • 06 Sep 2022
Factors for preparers of micro-entity accounts to consider when doing a going concern assessment and the practical implications for financial reporting.
Exclusive Going concern considerations – a guide for FRS 102 preparers
  • Helpsheets and support
  • 06 Sep 2022
Factors to consider when doing a going concern assessment and the practical implications for financial reporting.
COVID-19 reporting: full disclosure
  • Article
  • 19 Jul 2020
19 July 2020: When it comes to the 2020 accounts, the FRC is recommending companies provide full disclosure.
Covid-19 Thematic Review: Review of financial reporting effects of Covid-19
  • Website
  • 01 Jul 2020
  • Financial Reporting Council
July 2020: the FRC publishes the key findings of its review of the financial reporting effects of Covid 19 for a sample of interim and annual reports and accounts with a March period end
COVID-19 – Resources, action, the future. Reporting in times of uncertainty
  • Website
  • 01 Jun 2020
  • Financial Reporting Council
June 2020: The FRC provides further practical advice to companies setting out the disclosures investors expect to see from companies during this time of uncertaint
COVID-19 – Going concern, risk and viability Reporting in times of uncertainty
  • Website
  • 01 Jun 2020
  • Financial Reporting Council
June 2020: the FRC issues specific guidance on going concern, risk and viability disclosures.
Bitesize Briefing: implications of COVID-19 for micro-entities
  • Webinar
  • 04 May 2020
  • ICAEW Financial Reporting Faculty
A 20-minute webcast exploring the financial reporting implications of COVID-19 for micro-entities.
Bitesize Briefing: Financial reporting implications of COVID-19
  • Webinar
  • 01 Apr 2020
  • ICAEW Financial Reporting Faculty
In this short webcast, ICAEW’s Financial Reporting Faculty provides an overview of the financial reporting implications of COVID-19.
Displaying 1-9 of 9 results

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