...Going Concern issues in financial reporting: a guide for companies and directors Published in 2009 by: Australian Institute of Company Directors (AICD) Level 2 255 George Street Sydney NSW 2000 Telephone: (+61 2) 8248 6600 Facsimile: (+61 2) 8248 6633 www.companydirectors.com.au publications@companydirectors.com.au Auditing and Assurance Standards Board (AUASB) Level 7 600 Bourke Street Melbourne VIC 3000 Telephone: (+61 3) 8080 7400 Facsimile: (+61 3) 8080 7450 enquiries@auasb.gov.au www.auasb.gov.au © Australian Institute of Company Directors (AICD) © Auditing and Assurance Standards Board (AUASB) © Financial Reporting Council (UK) 2009. Portions of this publication have been adapted and reproduced from an Auditing Practices Board Bulletin: Going Concern Issues During the Current Economic Conditions (December 2008) with the kind permission of the Financial Reporting Council (UK). All rights reserved. For further information please visit www.frc.org.uk or telephone +44 (0)20 7492 2300. © Portions of this publication have been adapted and reproduced from a KPMG Flash Report: How Concerned Should Directors be with Going Concern? (February 2009) with the kind permission of KPMG. All rights reserved. Typeset by Endnote design Printed by Ligare Pty Ltd National Library of Australia Cataloguing-in-Publication entry Going Concern issues in financial reporting: a guide for companies and directors/AICD, AUASB ISBN 9781876604158 (pbk.). 9781876604172...
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...'Definition of the 'going concern' concept The 'going concern' concept directs accountants to prepare financial statements on the assumption that the business is not about to go broke or be liquidated (i.e. where the business closes and sells all the assets for whatever price they can get). So, unless there is significant evidence to the contrary, accountants will base their valuations and their reporting of financial data on the assumption that the business will remain in existence for an indefinite period. An indefinite period means the foreseeable future or long enough for the business to meet its objectives and to fulfill its commitments. It is important to note that the 'going concern' concept does not imply or guarantee that the business is profitable and will remain so for the foreseeable future. So, the 'going concern' concept assumes that the business will remain in existence long enough for all the assets of the business to be fully utilized. Utilized assets means obtaining the complete benefit from their earning potential. (i.e. if you recently purchased equipment costing $5,000 that had 5 years of productive/useful life, then under the going concern assumption, the accountant would only write off one year's value $1,000 (1/5th) this year, leaving $4,000 to be treated as a fixed asset with future economic value for the business). The 'going concern' concept supports the assumption that when a business buys assets like land, equipment, and buildings, it does...
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...Going concern concept The going concern concept assumes that an enterprise or the accounting entity has an indefinite or unlimited life or existence. It means that the intention of the business is to carry for a sufficiently long period of time to carry out its existing activities and commitments. It will not be liquidated or dissolved in the immediate future unless there is clear evidence or a specific instruction to the contrary. For Example: - where the venture is for a specific purpose like setting up a stall in an exhibition or fair or the construction of a building or bridge etc. under a contract, the business comes to an end on the completion of the project. Experience indicates that in spite of several business failures, enterprises have a fairly high continuance rate; certain entities have been in existence for more than a century even though the owners have changed. The business entities are therefore going concerns in the majority of the cases and it has proved useful to adopt continuity assumption for accounting purposes. Advantages 1. It provides a sound basis for the income or profit measurement. It means that the items which provide future economic benefit or which are used for more than one year are recorded a fixed assets rather than as expenses only because of the going concern assumption. 2. The going concern assumption facilitates the classification of assets and liabilities into short-term and long-term respectively 3. It is due to the...
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...In the song, “What’s Going On” by Marvin Gaye, the conflict of modern diseases and religion are harmful because the diseases are killing countless innocent children and people as well as having them pray for a cure until they die. A quote from the song states, “All the kids with dreams/Won’t get the chance to chase it”, (Gaye, 88-89). This shows that modern disease is killing children and they won’t achieve what they dream of achieving in life. It matters because it shows the infected children will not be able to live life and chase what they want in life. Also, it can relate to our universal theme because it shows conflicts being harmful by ruining the chance of the next generation achieving their dreams. The conflict of modern disease killing...
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...Authoritative Literature: AU Section 341 The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern Source: SAS No. 59. This section provides guidance to the auditor in conducting an audit of financial statements in accordance with generally accepted auditing standards with respect to evaluating whether there is substantial doubt about the entity's ability to continue as a going concern. Continuation of an entity as a going concern is assumed in financial reporting in the absence of significant information to the contrary. Ordinarily, information that significantly contradicts the going concern assumption relates to the entity's inability to continue to meet its obligations as they become due without substantial disposition of assets outside the ordinary course of business, restructuring of debt, externally forced revisions of its operations, or similar actions. AU Section 722 Interim Financial Information Source: SAS No. 100; SAS No. 116; SAS No. 121. The purpose of this section is to establish standards and provide guidance on the nature, timing, and extent of the procedures to be performed by an independent accountant when conducting a review of interim financial information. The term interim financial information means financial information or statements covering a period less than a full year or for a 12-month period ending on a date other than the entity's fiscal year end. Interim financial information may be condensed or in...
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...Backward Design : Lesson Plan Title: Future Tense Topic: My Plan Course: English Class: Primary 6 Time: 3 hours Teacher: Ayse Algin | Stage 1: Desired Results | Standard F1.2.1 Write in an exchange in interpersonal communication and how to plan their time.Standard F1.2.4 Write to ask for and give data about themselves, their friends and matters around them. | Understanding: * Student will understand how to make positive sentense in the future tene. * Using future tense is important for things which we willl do future. * If we plan our time we can enjoy with it and we can have time to spent with our friends. * How to make plan for future using future tense. | Essential Questions: * What does the plan mean? * How can you plan your time? * How can you invite your friends to play? * What can we plan our time for? * What kind of job students want to be most? | Students will know… * How to use future tense. * What is structure of future tense. | Students will be able to… * Understand future tense structure. * Write positive sentence in future tense. * Write negative sentence in future tense. * Make question in future tense. | ...
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...“This life is what you make it. No matter what, you're going to mess up sometimes, it's a universal truth. But the good part is you get to decide how you're going to mess it up. Girls will be your friends - they'll act like it anyway. But just remember, some come, some go. The ones that stay with you through everything - they're your true best friends. Don't let go of them. Also remember, sisters make the best friends in the world. As for lovers, well, they'll come and go too. And baby, I hate to say it, most of them - actually pretty much all of them are going to break your heart, but you can't give up because if you give up, you'll never find your soulmate. You'll never find that half who makes you whole and that goes for everything. Just because you fail once, doesn't mean you're gonna fail at everything. Keep trying, hold on, and always, always, always believe in yourself, because if you don't, then who will, sweetie? So keep your head high, keep your chin up, and most importantly, keep smiling, because life's a beautiful thing and there's so much to smile about.” “He has achieved success who has lived well, laughed often, and loved much; Who has enjoyed the trust of pure women, the respect of intelligent men and the love of little children; Who has filled his niche and accomplished his task; Who has never lacked appreciation of Earth's beauty or failed to express it; Who has left the world better than he found it, Whether an improved poppy, a perfect poem, or a rescued...
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...crisis, isA 570, going concern hAs been A well-esTAblished source of guidAnce for AudiTors. AddiTionAl direcTion hAs been provided by The iAAsb’s prAcTice AlerT AudiT considerATions in respecT of going concern in The currenT economic environmenT, issued in JAnuAry 2009. relevAnT To AccA QuAlificATion pAper p7 The recent global economic crisis, commonly referred to as the credit crunch, has provided many challenges for both the preparers and the auditors of published financial statements. For auditors, ISA 570, Going Concern is a well-established source of guidance, and additional direction has been provided by the IAASB’s Practice Alert Audit Considerations in Respect of Going Concern in the Current Economic Environment, issued in January 2009. In the UK, the APB issued the Bulletin Going Concern Issues During the Current Economic Conditions in December 2008. Both of these are examinable documents for the Paper P7 exams in 2010. The auditor’s objectives in relation to going concern ISA 570 contains well-established guidance on going concern, including the following objectives for the auditor: ¤ to obtain sufficient appropriate audit evidence regarding the appropriateness of management’s use of the going concern assumption in the preparation of the financial statements ¤ to conclude, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity’s ability to continue as a going concern, and...
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...US Department of Labor ------------------------------------------------- Top of Form Bottom of Form U.S. Bureau of Labor Statistics * ------------------------------------------------- Latest Releases » * * ------------------------------------------------- Major Economic Indicators » * njuries, Illnesses, and Fatalities FONT SIZE: PRINT: IIF Injuries, Illnesses, and Fatalities * IIF Homepage * IIF Overview * IIF FAQ * Contact IIF SHARE ON: Important Web Site Notices U.S. Bureau of Labor Statistics | OCWC/OSH, PSB Suite 3180, 2 Massachusetts Avenue, NE Washington, DC 20212-0001 www.bls.gov/IIF/ | Telephone: 1-202-691-6170 | Contact IIF http://www.bls.gov/iif/oshwc/cfoi/osar0016.htm Workplace Homicides Up 50 Percent In The Last Year Dan Fastenberg Jan 28th 2013 9:43AM Updated Jan 28th 2013 11:00AM The massacre at the Sandy Hook elementary school reinvigorated the dormant debate over gun control and how best to stop the gun violence in schools. Now, new research suggests that violence in the workplace also has jumped dramatically, with workplace killings up 50 percent in the past year alone. That would make 2012 the "worst year in about 20 years" for workplace homicides, according to Dr. Larry Barton, president of the Bryn Mawr, Pa.-based American College, an expert in crisis management and violence in corporate America. In a previous interview with AOL Jobs, Barton said that his statistics are based on...
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...LET’S HOPE I wish the way I was living could stop, serving rocks, Knowing the cops is hot when I'm on the block, And I Wish my brother woulda made bail, So I won't have to travel 6 hours to see him in jail, And I Wish that my grandmother wasn't sick, Or that we would just come up on some stacks and hit a lick, And I Wish my homies wouldn't have to suffer, When the streets get the upper hand on us and we lose a brother, And I Wish I could go deep in the zone, And lift the spirits of the world with the words within this poem, And I Wish I could teach a could teach a soul to fly, Take away the pain out cha hands and help you hold them high, And I Wish My hommie Butch was still alive And on the day of his death we had never took that ride, And I Wish that God could protect us from the wrong, so all the soldiers that were sent overseas come home. we would never break, though they devastate, We shall motivate, And we gotta pray, all we got is faith. Instead of thinking about who gonna die to day, The Lord is gonna help you feel better, so you ain't gotta cry today. Sit at the light so long, ...
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...Dear Marji Satrapi, I just finished reading your graphic novel persepolis and while reading it i was conflicted on alot of matters in the story but non the less I found it inspiring how you went through all that at such a young age. Also how you were able to understand in your own mind what was going on and your imagination was really detailed for a little girl. The images guild you through the book and create a sense of actually being there during that time. The images are also not only just showing me what was going on in that specific scene, but it is revealing several symbols that will help the reader look into the story at a deeper level. When i was finished reading it i was so conflicted on the things that had happened. This book has helped me to see all the life struggles, good times, and adversities that youfaced between the ages of nine to thirteen. The Islamic Revolution had such a daunting effect in the Middle East, especially in the county of Iran where you and you family resided. You had your own spirit about things and you didnt let them take it away from you. While reading your book i could tell your parents really loved you. They wanted you to get the education you deserved and got you out of your hometown. It amezed me how even though you were still in another country you were still dedicated to where you first came from. I was in shock while reading parts of persepolis because of the reactions that were in there. On Page 30 you had a conversation with god...
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...how you treat yourself. If this is you, then read on. I know it seems as though you never do anything for yourself, and that is my exact reason for writing this article. See, I use to be just like you. I’d get a call from my friends asking that I come out with them and of course I’d give some lame excuse as to why I couldn't go; and child guess what; eventually they stopped calling my ass period, because they knew that I wasn’t going to do anything anyway so way waste their time right? Ladies let me just tell you…now before I explain myself don’t think for one moment that I’m saying go out there and tear the mall down because I’m not. I’m just simply saying that you deserve to spend a little of your hard earned cash on yourself. I mean look..the kids are straight, the bills are in a comfortable place and the pantry is full so why not. At this point you are rolling your eyes saying…this “b” have lost her mind. but truth is, I really haven’t; because the way I see it is either you are going to work yourself to death and be miserably unhappy or you are going to work, take care business and take care of you as well. Have you ever gone over your friend’s house and she began pulling out all of these nice things that she’d purchased for herself or have you ever looked at the bitch’s feet and said to yourself…this bitch aint got a corn, callus, or rough patch on her feet and those toes are always on...
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...know if you want to live in the same house. In this piece of writing, you’ll read my journey of escaping from this hell and the results of that getaway. After this journey is finished, nothing is going to be the same. The Father was “the Architect” of the house and system of my life, but hope was with me and I, I let the force be with me. If I took the blue pill, the story would end. I’d wake up in my bed and continue to live like a slave, but I took the red pill, to fight for my independence, to fire my ropes. That afternoon, I arrived next to the Father, I just wanted him to let me go out for one night, and I just said him: Father, please give me my freedom for one night. He asked me: What will you use your freedom for, are you going to study and bring me higher grades? I stopped and said: No, father. He asked: So what you’re gonna do? Save the world? Then something exploded in my heart like something. I said: No daddy, I’m gonna smoke, listen to music, and at the end of the night, after I make out with some b*tches, I am going sleep with one of them, and maybe if I am very drunk, I’ll get a tramp stamp right before my ass h*le and maybe it might be read as “I LOVE YOU DADDY”. Then I’ll spend your money, like five thousand bucks, to delete it. Now give me some money because I am going to do what I exactly said to you with your money. My mother was there next to my father and...
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...I have cried for the world's sorrows, laughed at its joys and been swept away by its endless beauty. I have touched brisk mountain tops and paced tranquil ocean floors. I have witnessed the strength of countless men and women and become part of communities I did not know existed. I fell in love with life and humanity. All this because I jumped. In Hope Against Hope: Three Schools, One City, and the Struggle to Educate America’s Children by Sarah Carr, Geraldlynn says, “I’m not going to go to college as soon as I get out of high school… It’s gonna be a long four years, I want a year off” (Carr 216). The Dillard student guide, Bianca, responded to Geraldlynn’s remark with concern. My mother reacted similarly when she discovered that I wanted to postpone my matriculation into Tulane. Many educators tout taking a gap year, saying that kids who step off after high school to work, travel, volunteer or explore other interests are more mature when they arrive at college and more engaged in their education going forward. Like Geraldlynn, the thought of four more years of arduous classes and strenuous exams seemed unappealing to me. I believe that 18 is an ideal age to explore the world, reflect on personal goals, and prepare to take the next purposeful step in life. Ultimately I did not end up taking a gap year, however, it will be a long-lasting regret. After reading Geraldlynn’s comment about delaying college, I reminisced to the time when I contemplated a year of exploration. Life cannot...
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...really a word I didn’t recognize but I have never heard the term “Dating Down” before in the term it is used as in here. I feel like I may have heard it before but in this point in time I cannot recall a moment in which I heard it. Whenever I heard “dating down” it was usually about someone dating someone who was younger than them, but in the book Meg says “[Cathy] never chose her boyfriends or sex partners; she let them choose her.” (Jay 101). Hearing this I take dating down to mean you’re just going for anyone that comes to you and accepting it. The phrase really does put things in perspective; you’re basically dating less than what you can really get to feel some sort of love; which I guess is dating down from what you deserve. “Her mother said she needed a different outfit or better body, her father told her she was too much, too loud- too something.”(Jay 100) This boost the title “dating down” because her parents are literally putting her down which is causing the way she is going about dating in the first place; not much relevance but just stood me out that, a girl who is being put down let it define who she is dating. This whole chapter kind of lived up to its name; circled around this 8girl’s struggle to fit in and how Jay too that and helped her “take charge of her love life” (Jay 111) and help her revise her own story. I thought it was interesting how Cathy used music to cope with these problems; I also liked how Jay used the personification of her Ipod “whispering...
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