MLchartDataset catalogue

Going concern

Term · Law · MLC-T-LAW-002319

An accounting principle assuming that a business will continue to operate indefinitely into the foreseeable future without the intention or necessity of liquidation. This assumption underlies the preparation of financial statements, allowing assets to be valued at historical cost rather than liquidation value. If a company's ability to continue as a going concern is in doubt, auditors must disclose this uncertainty.

Table 1. Record
IdentifierMLC-T-LAW-002319
FieldLaw
Record as JSON 
{
  "id": "MLC-T-LAW-002319",
  "term": "Going concern",
  "field": "Law",
  "definition": "An accounting principle assuming that a business will continue to operate indefinitely into the foreseeable future without the intention or necessity of liquidation. This assumption underlies the preparation of financial statements, allowing assets to be valued at historical cost rather than liquidation value. If a company's ability to continue as a going concern is in doubt, auditors must disclose this uncertainty.",
  "url": "https://mlchart.com/terminology/law/going-concern/"
}

Record 2,228 of 5,441 in Law terminology (MLC-0107). Request the full dataset.