Unless expressly stated otherwise, financial statements are assumed to have been prepared on the premise that the

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Unless expressly stated otherwise, financial statements are assumed to have been prepared on the premise that the entity will remain in the business as a going concern for the foreseeable future, at the current scale.


Required: 

Explain how assets and liabilities are identified, measured and reported in financial statements on the basis of the assumption that the entity will continue in operation at the current scale of operation for the foreseeable future.

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Financial Accounting An Introduction

ISBN: 9780273737650

2nd Edition

Authors: Mr Barry Elliott, Mr Augustine Benedict

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