Question
Go-Go & Co. is preparing its financial statements for the year ended 12/31/2015. As of 12/31, the companys current assets are less than its current
Go-Go & Co. is preparing its financial statements for the year ended 12/31/2015. As of 12/31, the companys current assets are less than its current liabilities. The company is evaluating whether it must comply with the Codifications going concern disclosure requirements, established in ASU 2014-15. Locate the Codification topic that addresses this issue. Explain whether disclosure of going concern issues is currently required for Go-Go & Co, considering the transition guidance provided for this topic. Next, explain whether such disclosure will be required for the company once this guidance becomes effective. Your response should require approximately one page.
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