07-09-2003, 12:25 AM
<font color=teal></font id=teal>Asad Sahib,
I cant understan why you consulted IAS-35, when the company has only adminstrative assets.Explain it might help me to give a better answer.
As far as the issue of liquidation is concerened CO 1984 and explanation of it is a good source.
Well i think IAS-10 might give you some help as far as i remember it has a portion on GOING CONCERN. There is an auditing standard on it which can also be some help to you.
But if you want to save the company from the going concern assumption consider the annual report of CHAKWAL CEMENT 2002. It is really something every student of chartered accountancy must read. From that report it seems that going concern assumption can only be applied after the entity has wounded up.
I cant understan why you consulted IAS-35, when the company has only adminstrative assets.Explain it might help me to give a better answer.
As far as the issue of liquidation is concerened CO 1984 and explanation of it is a good source.
Well i think IAS-10 might give you some help as far as i remember it has a portion on GOING CONCERN. There is an auditing standard on it which can also be some help to you.
But if you want to save the company from the going concern assumption consider the annual report of CHAKWAL CEMENT 2002. It is really something every student of chartered accountancy must read. From that report it seems that going concern assumption can only be applied after the entity has wounded up.
