FASB Board Discussing "Going Concern"

FASB is continuing its discussion around the concept of "Going Concern" and will likely continue to discuss at future meetings the following:

1. Enhancing the disclosures of short-term and long-term risks, specifically risks for which there is more-than-remote likelihood of occurrence.
   
2. Defining substantial doubt in terms of an entity’s ability to continue as a going concern.
   
3. Defining when it is appropriate for an entity to apply the liquidation basis of accounting.

FASB indicated that general time horizon to be 12 months, but indicated that reasonably foreseeable events beyond 12 months should also be disclosed.