IAS Summary

  • Created by: bkw201
  • Created on: 08-02-18 11:26

IAS 1 - Presentation of Financial Statements

Assess going concern:

  • Review latest trading results of the compnay, by inspecting management accounts after the year end
  • Assessing the cash the company has (by agreeing bank statements, loan agreements,etc) and the cash th ecompnay could generate:
  • assets that could be sold
  • assets that coudl be used as a security for a loan
  • receivables that could be collected (or sold to a factor)
  • Assessing the state of the industry
  • Obtaining a written representation from the Board that the compnay is a going concern
  • Assessing compnay forecasts for reasonableness
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