Description

Principles underlying the preparation of historical financial statements include the fair presentation of disclosures related to material uncertainties, including any substantial doubt about an entity’s ability to continue as a going concern for a reasonable period of time. U.S. Generally Accepted Accounting Principles (GAAP) was recently modified to reduce diversity in the timing and content of these required disclosures.

Management’s direct responsibility to evaluate whether there is any substantial doubt, and provide disclosures appropriate to the circumstances, is relevant regardless of whether the reporting entity is a public company, private-held business, nonprofit or any other entity type.  This course assists financial statement preparers and their external accountants with complying with the spirit and form of the new financial reporting rules related to going concern uncertainty.