Going Concern

Going Concern – Going Concern is a term used in accounting and risk management that indicates a company’s viability and strength over a period of one year (at a minimum). Some of the elements that determine if a business is a going concern are:  the ability to make a profit, minimize debt and pay bills timely, and show growth, (among other factors) during the course of its’ operation.  Directors of a business entity will report activity in a financial statement.  Auditors will then assess the strength of the company and determine whether it will remain viable for the foreseeable future.