NEW ACCOUNTING STANDARD TACKLES DISCLOSURES ABOUT BUSINESS CONTINUITYBy William M. Stocker III | October 15, 2014 | Download PDF
The Financial Accounting Standards Board (FASB) has updated U.S. Generally Accepted Accounting Principles (GAAP) to eliminate a critical gap in existing standards. The new guidance, found in Accounting Standards Update (ASU) 2014-15, Presentation of Financial Statements — Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, clarifies the disclosures management must make in the organization’s financial statement footnotes when management has substantial doubt about its ability to continue as a “going concern.” The guidance applies to all companies.
If you have questions regarding this guidance, please contact:
- William M. Stocker III, Partner-in-Charge of the Professional Practice Group, by phone at 212.503.8875 or by email at firstname.lastname@example.org.
- Keith C. Peterka, Partner, Professional Practice Group. by phone at 212.201.2210 or by email at email@example.com.
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About William M. Stocker III
William M. Stocker III, CPA, is the Senior Consultant at Marks Paneth LLP. In this capacity he provides internal consulting services on audit, accounting and financial reporting issues. In his client service role, he functions as engagement quality control review partner on key audit and review engagements as well as serves on corporate financial advisory services engagements in the areas of financial reporting, valuation and SEC matters. Mr. Stocker began his career with a series... READ MORE +