FASB Issues Exposure Drafts on Going Concern and Subsequent Events
The Financial Accounting Standards Board (FASB) issued two separate, but related,
Exposure Drafts (ED) for public comment. The documents contain two proposed FASB Statements,
Going Concern and
Subsequent Events, intended to improve financial reporting by incorporating accounting guidance that originated as auditing standards into the body of authoritative literature issued by the FASB while converging U.S. GAAP and International Financial Reporting Standards. Including this guidance in authoritative accounting literature, as well as in auditing standards, emphasizes that accounting and reporting are the primary responsibility of an entity and its management, not its auditor. Constituents who wish to provide feedback on one or both of the EDs should do so in writing by December 8, 2008.
