Going Concern - A focus on disclosure
Presenters : Lettie Janse van Vuuren CA(SA)
Overview
Going concern certainly is a hot topic this year with everyone feeling the impact of COVID-19!
This impact must be communicated to users. Companies preparing financial statements using IFRS® Standards are required to assess their ability to continue as a going concern. In the current stressed economic environment arising from the COVID-19 pandemic, deciding whether the financial statements should be prepared on a going concern basis may involve a greater degree of judgement than usual.
IFRS Foundation have published educational material to support companies in applying going concern requirements. This webinar will provide an overview of this supporting material which brings together the requirements in IFRS® Standards relevant for going concern assessments.
Learning objectives
By the end of this event the attendee will:
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Be aware of the discussions by various bodies around going concern.
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Have a better understanding of management’s responsibilities regarding going concern and disclosure.
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Know how to assess going concern and how to apply the requirements in IAS 1 Presentation of financial statements.
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Understand the impact of events after the reporting period on going concern.
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Know what an entity is required to do if it is not a going concern.
Content
The webinar will cover the following topics:
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Overview & background.
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Going concern - management's responsibilities.
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Assessing going concern.
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Events after the reporting period - impact on going concern.
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Disclosure is key!
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Applying the requirements in IAS 1 Presentation of financial statements.
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What to do if entity is NOT a going concern?
