IAS 1Chapter 2Lesson 1
Going concern and the accrual basis
Step 1 of 9Learning objectives
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Financial statements are prepared on a going concern basis, assessed by management over at least twelve months, and on the accrual basis except for cash flows.
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Learning objectives
- Explain how management assesses going concern and when a material uncertainty must be disclosed.
- Determine, from the facts of a case, whether the statements are prepared on a going concern basis.
- Identify the minimum period examined and distinguish it from the reporting period.
- Explain the accrual basis and the exception of the statement of cash flows.