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I have a question. How can you explain the term: “going concern problems”? I understood that it’s something bad for a company but I didn’t get the sense though.
@mateibo, going concern problem, this related to where company are unable to perform well, especially during the time of financial crisis where many company are not capable of getting suitable market or due to low tornover, these could lead to problem of going concerns, we have many points that can led to going concern problems
@mateibo, Just means for some reason, the entity can’t continue to trade in the foreseeable future, usually a year. Financial statements of entities continuing in business are usually prepared on basis that they are going concerns, unless otherwise disproved by such as auditors.
I m big fan of u Mike!
The lecturer is correct it is the Baring Bros Bank that when into liquidation.Its collapse in 1995 after one of the bank’s employees, Nick Leeson, lost £827 million ($1.3 billion) speculating—primarily—on futures contracts The bank was then purchase by ING, a dutch bank the nominal sum of £.
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