<Table> <Tr> <Td> </Td> <Td> This article may be too technical for most readers to understand . Please help improve it to make it understandable to non-experts, without removing the technical details . The talk page may contain suggestions . (July 2013) (Learn how and when to remove this template message) </Td> </Tr> </Table> <Tr> <Td> </Td> <Td> This article may be too technical for most readers to understand . Please help improve it to make it understandable to non-experts, without removing the technical details . The talk page may contain suggestions . (July 2013) (Learn how and when to remove this template message) </Td> </Tr> <P> A going concern is a business that functions without the threat of liquidation for the foreseeable future, usually regarded as at least within 12 months . It implies for the business the basic declaration of intention to keep running its activities at least for the next year, which is a basic assumption to prepare financial statements considering the conceptual framework of the IFRS . Hence, the declaration of going concern means that the entity has neither the intention nor the need to liquidate or curtail materially the scale of its operations . </P> <P> The going concern assumption is universally understood and accepted by accounting professionals; however, it has never been formally incorporated into U.S GAAP . In October 2008, FASB issued an Exposure Draft called "Going Concern ." It discusses the following possible pronouncements for the going concern: </P>

The going concern principle assumes that the business