Steve Collings of Leavitt Walmsley Associates outlines the factors companies need to consider when deciding whether their accounts should be prepared on a going concern basis or not.
On 3 March 2009, the Financial Reporting Council (FRC) issued guidance for small company directors who adopt the Financial Reporting Standard for Smaller Entities (FRSSE)on how they decide whether the accounts they prepare should be prepared on a going concern basis or not, and if additional disclosure is required within the financial statements.
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