GOURAVGOURAV asked 7 months ago
1 Answers
RaviRavi Staff answered 7 months ago

Step 1 — Are there conditions or situations which create significant doubt over going concern ?
Step 2 — If yes, perform additional procedures, Is it a material uncertainty ? (whether everyone should alerted about it?) 
Step 3 — Are there mitigating factors which still protects going concern ? If yes GC is appropriate . If no GC is not appropriate.
MU may or may not lead to GC failure.
MU needs financial statement disclosure
GC failure changes base of accounting
MU is intermediate step, before we conclude about GC

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