While some economies are strong, others are weak. Even sectors of strong economies struggle. High interest rates, restrained consumer confidence, and lingering effects of COVID-19 have their business impacts. Hence, we are seeing more going-concern problems and poor-quality assessments and disclosures.
This session examines how accounting standards, and the Corporations Act should be applied to the going concern basis of accounting and solvency issues.
It will specifically look at the relevant requirements of AASB 101/IAS 1 Presentation of Financial Statements, AASB 110/ IAS 10 Events after the Reporting Period and AASB 7/IFRS 7 Financial Instruments Disclosures as well as examples of good and poor reporting. Disclosures will also address mitigating factors such as assets sales, guarantees, and forecast cash-flows.
