Course ID: RGCD

Going Concern Disclosure Requirements Evaluating the Impact on Preparing Financial Statements, Compilations, Reviews and Audits

ASU 2014-15 explicitly requires management to assess an entity’s ability to continue as a going concern when preparing and fairly presenting F/S. This course will provide practical insights into the new going concern evaluation and disclosure requirements under U.S. GAAP, generally accepted accounting standards, and the SSARS.

Note: SSARS No. 24 is going to be released in May 2018 and it will enhance the guidance related to going concern reporting on review engagements. The new requirements will be effective for reviews of financial statements with fiscal years ending on or after June 15, 2019.

Learning Objectives

  • Describe the significant differences between current practice and the new U.S. GAAP requirements
  • Explain the impact on preparing financial statements and attest services, including SAS No. 132
  • Apply illustrative examples of evaluating management’s plans and intentions in alleviating any substantial doubt about the entity’s ability to continue as a going concern

Major Topics

  • Describe management’s responsibility in identifying an entity’s ability to continue as a going concern for a reasonable period of time
  • Defining the required look forward period under various professional and technical standards
  • Illustrative examples of the three types of disclosures that may be relevant in the circumstances
  • Techniques to challenge the reasonableness of management’s assertions about plans and intentions to alleviate any substantial doubt identified
  • Impact on various attest reports, including compilations, reviews and audits

Who Should Attend

Public and industry accountants responsible for monitoring whether disclosures are fairly presented

Fields of Study





Business Learning Institute

CPE Credits




This course is available for your group as:


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