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May 2020 » Managing the Going Concern Risk...
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Nicholas C. Lynch, PhD, and Michael F. Lynch, JD, CPA, and Charles P. Cullinan, PhD
In BriefThe worldwide COVID-19 pandemic has affected businesses of every size in every country, and the United States has been hit particularly hard. Many businesses are facing increasing doubts about their ability to continue as a going concern, and the decisions that surround that determination have an impact on both management and auditors. The authors provide an overview of FASB, PCAOB, and AICPA guidance regarding going concern issues, then discuss how these standards apply to federal programs designed to aid businesses during the pandemic, particularly those created by the CARES Act.
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