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CAQ Commends FASB's Issuance of Guidance to Improve Financial Reporting of Going Concern Entities(Targeted News Service Via Acquire Media NewsEdge) WASHINGTON, Aug. 27 -- The Center for Audit Quality issued the following news release: Center for Audit Quality Executive Director Cindy Fornelli released the following statement on the Financial Accounting Standards Board's (FASB) issuance of Accounting Standards Update (ASU) No. 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: "The CAQ commends FASB for its efforts in developing a standard that provides guidance regarding a preparer's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern, and, where required, to provide footnote disclosures about going concern uncertainties each reporting period. "We believe the adopted ASU represents an improvement over the current going concern model and will provide users of financial statements with more clarity on the nature of conditions or events that may raise substantial doubt about the entity's ability to continue as a going concern. "The CAQ encourages accounting and auditing standard-setters to continue to work together to develop complementary standards which would further benefit financial statement users." TNS 24KuanRap-140830 30FurigayJof-4842737 30FurigayJof (c) 2014 Targeted News Service [ Back To TMCnet.com's Homepage ] |