<Li> The effect of subsequent events on management's evaluation of the entity's ability to meet its obligations </Li> <Li> Whether to provide guidance on the liquidation basis of accounting . </Li> <P> A current definition of the going concern assumption can be found in the AICPA Statement on Auditing Standards No. 1 Codification of Auditing Standards and Procedures, Section 341, "The Auditor's Consideration of an Entity's Ability to Continue as a Going Concern" (AU Section 341). The' going concern' concept assumes that the business will remain in existence long enough for all the assets of the business to be fully utilized . Utilized assets means obtaining the complete benefit from their earning potential . (i.e. if you recently purchased equipment costing $5,000 that had 5 years of productive / useful life, then under the going concern assumption, the accountant would only write off one year's value $1,000 (1 / 5th) this year, leaving $4,000 to be treated as a fixed asset with future economic value for the business). </P> <P> This accounting principle assumes that, a company will continue to exist long enough to carry out its objectives and commitments and will not liquidate in the foreseeable future . If the company's financial situation is such that the accountant believes the company will not be able to continue on, the accountant is required to disclose this assessment . </P>

What is the meaning of going concern assumption
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