The concept of going concern is fundamental in financial reporting and all entities, regardless of size, are required to carry out an assessment of the entity’s ability to continue as a going concern
The purpose of this technical factsheet is to enable ACCA members and member firms to understand the requirements in accounting standards and company law in respect of going concern.
The FRC’s periodic review of FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland gave rise to additional disclosures being required in the financial statements of small entities for accounting periods commencing on or after 1 January 2026.
These additional disclosure requirements apply even if the small entity is applying the presentation and disclosure requirements of FRS 102, Section 1A Small Entities.
