ICSAN Financial Accounting Practice Questions - ICSAN Professional Programme I - Financial Accounting Exam

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Under IAS 1 Presentation of Financial Statements, when preparing financial statements, management must make an assessment of the entity's ability to continue as a going concern. For how long into the future must management look at a minimum?

Six months from the end of the reporting period At least twelve months from the end of the reporting period At least twelve months from the date the financial statements are authorized for issue Twenty-four months from the end of the reporting period

Correct Answer:

At least twelve months from the end of the reporting period

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