Going Concern-Understanding Disclosure Responsibilities Under U.S. GAAP (On-Demand Webinar)  

Upon successful completion of this course, the user should be able to:

• identify the evolution of the Going Concern concept under U.S. GAAP and auditing standards, including the historical shift of responsibility from auditors to management for evaluating and disclosing Going Concern uncertainties;

• distinguish between management's and auditors' responsibilities under current FASB guidance (ASC 205-40) in assessing known and reasonably knowable conditions that may raise substantial doubt about an entity's ability to continue as a Going Concern; and

• apply the appropriate disclosure and reporting requirements by analyzing conditions that give rise to yellow light (mitigated) and red light (unmitigated) Going Concern situations, and determine when liquidation basis accounting under ASC 205-30 becomes applicable.