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Going concern

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › Going concern

  • This topic has 3 replies, 2 voices, and was last updated 6 years ago by Kim Smith.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
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  • February 3, 2019 at 11:24 pm #504071
    aamir2111
    Participant
    • Topics: 123
    • Replies: 85
    • ☆☆☆

    UK GAAP specifies that Foreseeable future for going concern should
    not be less than 12 months form the date of approval of the FS.

    What does approval date mean in this context? Is it the date when auditor signs off the audit report?

    February 4, 2019 at 8:32 am #504101
    Kim Smith
    Keymaster
    • Topics: 133
    • Replies: 8300
    • ☆☆☆☆☆

    FS are the responsibility of management – so only management approves them “for issue”.

    (The auditor gives no “approval” – only an opinion.)

    The financial statements on which the auditor gives an opinion do not exist (in law) until they are approved (i.e. signed) – the audit opinion must be dated on/after the date of approval.

    Generally, in practice, the chairman will sign the financial statements on behalf of the board, the audit partner will sign the auditor’s report on behalf of the firm – both on the same date.
    They will then be issued (“laid before the members in general meeting”) asap on/after that date (overcomes the potential problem of subsequent events between the date of signing and the AGM).

    February 4, 2019 at 10:46 pm #504201
    aamir2111
    Participant
    • Topics: 123
    • Replies: 85
    • ☆☆☆

    thanks for clearing my understanding.

    February 5, 2019 at 8:18 am #504228
    Kim Smith
    Keymaster
    • Topics: 133
    • Replies: 8300
    • ☆☆☆☆☆

    You are very welcome!

  • Author
    Posts
Viewing 4 posts - 1 through 4 (of 4 total)
  • The topic ‘Going concern’ is closed to new replies.

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