Worth knowing Going concern forecast vs. going concern assumptions

The differences and interdependencies between going concern assumptions and the going concern forecast under insolvency law are particularly important in the preparation of annual financial statements in the crisis and the various associated liability claims .

However, in practice, the similarity of the terms occasionally leads to confusion or blending of these very different instruments.

The Austrian Chamber of Accountants and Auditors (KSW) revised the expert opinion KFS / RL 28 “Going concern in accordance with ยง 201 para. 2 point 2 UGB [Austrian Corporate Code]” in June 2018 with the aim of more clearly expressing the significance of insolvency-related facts in the assessment of the going concern assumptions under corporate law.

A recent article by Alexander Enzinger sheds light on the subject.