NZASB Update 9/2020
An overview of Directors’ responsibilities for the adequacy of going concern related disclosures provided in a company’s financial statements
XRB Alert—Spotlight on Going Concern Disclosures
For-profit Entities
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What is the impact on going-concern disclosures in response to COVID-19?Going concern uncertainty is a reality for many companies, so good disclosure is an opportunity to communicate that reality in a clear and transparent way.
Here we provide an overview of Directors’ responsibilities for the adequacy of going-concern related disclosures provided in a company’s financial statements. It includes commentary on both the requirements in the accounting standards and auditor expectations.
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Have you checked out our website COVID-19 information page? Here we provide answers to frequently-asked questions as well as some useful links to a selection of resources available on the audit considerations from the impact of COVID-19. We are updating this page regularly as new information comes to hand.
We are also regularly posting links to relevant material and posts on our LinkedIn page.
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This NZASB Update is intended to provide subscribers with a summary of the recent activities of the New Zealand Accounting Standards Board (NZASB). Links to websites are correct at the time of publication. Subscribers should not rely on this newsletter as a definitive publication of updates. The External Reporting Board and its sub-Board the NZASB do not guarantee, and accept no legal liability whatsoever arising from or connected to, the accuracy, reliability, currency, timeliness or completeness of this newsletter. The information contained in this newsletter does not constitute advice and should not be relied upon as such. This NZASB Update refers to the work of the International Accounting Standards Board (IASB) and the International Public Sector Accounting Standards Board (IPSASB) and uses registered trademarks of the IFRS Foundation (for example, IFRS® Standards, IFRIC® Interpretations and IASB® papers). |