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One major objective of financial reporting is to ensure that financial statement users have complete information to make reasonable financial decisions, including the likelihood and magnitude of future events and outcomes on the uncertainty of the current financial picture. ASU 2014-15 related to going concern disclosure is fully effective for fiscal years ending on or after December 15, 2016. This new accounting standard is applicable to all entities that prepare financial statements under U.S. GAAP, regardless of whether the entity undergoes an audit. In fact, an entity that merely receives a compilation or review report on special purpose framework financial statements (such as cash or income tax basis) could be impacted by newly-required disclosure of going concern uncertainty.
Practicing CPAs and accounting professionals in business and industry that prepare, review or audit financial statements
Basic understanding of U.S. generally accepted accounting principles
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