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Dictionary by pitch.dog
Accounting policy, GAAP & adjustments · Core

Going concern

Also called: going-concern basis

ELI5

The assumption or assessment that an entity will continue operating for the foreseeable future.

Used in conversation

“Can we trace going concern back to the ledger and supporting schedule?”

Pitch context

You will see “Going concern” in financial models, budgets, board packs and investor materials when the discussion reaches accounting policy, gaap & adjustments.

Why it matters: In accounting policy, gaap & adjustments, a loose definition can change rights, obligations, approval, disclosure or enforceability.

Caution

Meaning, enforceability and required process vary by jurisdiction and agreement; this definition is not legal advice.

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Sources & evidence · 4

Direct term-level sources and supporting source families.