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Going concern — FASB considers feedback on proposed ASU

Published on: 08 Nov 2013

At its meeting this week, the FASB discussed feedback received from constituents on its proposed ASU1 on disclosures about an entity’s going-concern presumption. As described in the Summary of Board Decisions, the Board agreed to continue deliberating the proposed ASU and focus specifically on:

    1. Initial disclosure threshold including information to be assessed
    2. Consideration of management’s plans outside the ordinary course of business
    3. Disclosure content
    4. 24-month assessment period
    5. Substantial doubt threshold
    6. Applicability of substantial doubt to non-SEC filers.

The Board received 46 comment letters on the proposed ASU, 7 of which were from preparers.

In addition, the Board approved the staff’s plan to perform outreach with various stakeholders and expects to continue deliberating in January 2014.


1     FASB Proposed Accounting Standards Update, Disclosure of Uncertainties About an Entity’s Going Concern Presumption.

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