Refer to the IFRS Foundation document, Going concerna focus on disclosure that was released in January 2021 and answer the following:

1. How does IAS 1 Presentation of Financial Statements define going concern and what factors does this standard believe that management needs to consider in both assessing whether the going concern basis of preparation is appropriate and in assessing whether to prepare financial statements on a going concern basis;
2. Identify and explain the four different scenarios in which entities could prepare financial statements on a going concern basis and the associated basis of preparation and disclosure requirements; and
3. Explain what an entity is required to do if it is not a going concern?