THE STANDARD STANCE: Liquidation Accounting – When Going Concern is No Longer the Answer
The Accounting Advisory Services (AAS) team at BDO India is pleased to share 'THE STANDARD STANCE' – an expert insight into key accounting matters. Each monthly issue of the publication spotlights and discusses a key accounting matter noteworthy for organisations to stay ahead in their business journeys.
This issue of THE STANDARD STANCE - Liquidation Accounting – When Going Concern is No Longer the Answer highlights considerations when an entity can no longer prepare financial statements on a going concern basis.
As India’s insolvency landscape continues to evolve under the Insolvency and Bankruptcy Code, 2016 (IBC), instances of liquidation are no longer rare or theoretical. While Ind AS requires financial statements to be prepared on a non-going concern basis where appropriate, it provides limited guidance on what that alternate basis should entail.
This issue of The Standard Stance analyses global frameworks, alongside a research paper by the Institute of Chartered Accountants of India, to provide clarity to preparers, auditors, and advisors. It offers practical insights to help organisations navigate the complexities of liquidation accounting with clarity, consistency, and robust professional judgement in an evolving regulatory environment.
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