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COVID-19 and Going Concern: What IFRS Standards require

Published on: May 20, 2021

When preparing interim and annual financial statements in accordance with IFRS® Standards, management assesses whether there is material uncertainty about the organization’s ability to continue as a going concern.  

When assessing an organization’s ability to continue as a going concern, management will need to consider all information about the future, which is at least, but not limited to, 12 months from the end of the reporting period. Read more about Close Call Going Concern Assessments, which includes guidance on accounting and auditing considerations. 

After its assessment, management may conclude that there are no material uncertainties that cast significant doubt about the organization’s ability to continue as a going concern. 

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