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FASB Plans Update on Going Concerns, Subsequent Events

Tammy Whitehouse | September 4, 2008

The Financial Accounting Standards Board is planning to update guidance on how to account for events that occur after the balance sheet date and how an entity should assess its ability to continue as a going concern.

The board planned to bring the topics out of auditing literature and codify them to U.S. Generally Accepted Accounting Principles as part of its larger effort to codify all of GAAP into a single, online research tool. At a recent meeting, however, the board also determined it will make some changes to the existing literature as it brings those topics into GAAP with the goal of converging the accounting rules with International Financial Reporting Standards.

Since the topics currently reside in auditing literature, the board was puzzled about how it would modify the rules and expose them for comment before adopting changes. It tasked staff members to develop new accounting statements to add the topics to GAAP....

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