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Handbook: Going concern

Handbooks | April 2024

Latest edition: Our comprehensive guide to management’s going concern assessment.

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KPMG explains how an entity’s management performs a going concern assessment and makes appropriate disclosures. Q&As, interpretive guidance and illustrative examples include insights into how continued economic uncertainty may affect going concern assessments. This latest edition includes illustrative application of going concern’s most significant complexities.


  • All entities

Relevant dates

  • Effective immediately

Key impacts

The going concern presumption that an entity will be able to meet its obligations when they become due is foundational to financial reporting. This presumption may be challenged at any time, but especially during uncertain economic times.

Economic uncertainty has been prevalent in global markets over the last several years due to many unexpected macro events – from COVID-19 and the related supply chain disruptions to international conflicts and rising interest rates. While some companies thrive from uncertainty, others may see their financial performance, liquidity and cash flow projections negatively impacted. These vulnerabilities continue to shine a bright light on management’s responsibility for a going concern assessment.

The ever-evolving complexities attributable to economic uncertainty may disrupt business as usual. When forecasting becomes less reliable and the past no longer predicts the future, the going concern assessment becomes much harder to document and update, and robust disclosures much more critical.

Report Contents

  • Overview of going concern assessment
  • Step 1: Assess whether substantial doubt is raised
  • Step 2: Assess whether substantial doubt exists
  • Disclosures
  • Impact on other accounting matters
  • Risk assessment and ICFR
  • Auditor’s going concern assessments

Download the document:

Going concern

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Executive summary

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Meet our team

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Valerie Boissou
Partner, Dept. of Professional Practice, KPMG US
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Leigh Louis
Senior Director, Dept. of Professional Practice, KPMG US

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