Increased uncertainty in times of crises and implications for financial reporting, focusing on the going concern principle
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Authors
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Publication date
2024
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Type
04A - Book part
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Parent work
Finance in crises. Financial management under uncertainty
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DOI of the original publication
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Issue / Number
Pages / Duration
23-38
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Publisher / Publishing institution
Springer
Place of publication / Event location
Cham
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Abstract
Even in normal, non-crisis periods, a company’s financial reporting is affected by uncertainty. Financial reporting is based on uncertain assumptions and valuations. However, there is no doubt that the going concern principle applies. This means that the continuation of the company as a whole is possible and planned for the foreseeable future. Times of crisis are characterized by increased uncertainty. Uncertainty can be so great that the going concern status of the entity is called into question, with implications for the preparation of the financial statements and the reporting. This chapter discusses some of the implications of preparing and reporting on the going concern basis and some of the challenge for those involved, particularly corporate management and the auditors.
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ISBN
978-3-031-48071-3
978-3-031-48070-6
978-3-031-48070-6
ISSN
Language
English
Created during FHNW affiliation
Yes
Strategic action fields FHNW
Publication status
Published
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Expert editing/editorial review
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Closed
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Citation
Schuler, B. (2024). Increased uncertainty in times of crises and implications for financial reporting, focusing on the going concern principle. In T. Hüttche (Ed.), Finance in crises. Financial management under uncertainty (pp. 23–38). Springer. https://doi.org/10.1007/978-3-031-48071-3_3