Concepts, ethics and sustainability [AF-CON]
Financial statements are normally prepared on the going concern basis. What does this mean?
Assets are always measured at the amount the entity could obtain by selling them immediately
The entity is assumed to continue in operation for the foreseeable future, with no intention or need to liquidate or curtail its operations materially
The entity is expected to make a profit in every future accounting period
Income and expenses are recognised when cash is received or paid
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