The Financial Accounting Standards Board has issued a new accounting standards update to provide guidance on disclosing uncertainties about a business’s ability to continue as a going concern, while further distancing U.S. GAAP from International Financial Reporting Standards.
Accounting Standards Update No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, offers guidance to improve financial reporting of going concern uncertainties, focusing on management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures.
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