FASB - Going concern disclosures 

July 2:  The FASB recently proposed an Accounting Standards Update that provides guidance on when and how entities are to disclose going concern uncertainties in financial statements.

All entities would be required to assess, at each reporting period, their ability to meet their obligations as they become due within 24 months of the financial statement date to determine whether it is necessary to include financial statement disclosures about going concern uncertainties.

A Securities and Exchange Commission filer is also required to evaluate whether there is substantial doubt about its ability to continue as a going concern. If there is substantial doubt, it would need to express that conclusion in the financial statements. The requirement to specifically evaluate whether there is substantial doubt, and the related disclosures, would not apply to non-SEC filers.

Read a July 2013 report [PDF 162 KB] prepared by KPMG LLP: Defining Issues: FASB Proposes Standard for Going Concern Disclosures

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