If an Entity Is No Longer a Going Concern,IAS 10

question 31

Essay

If an entity is no longer a going concern,IAS 10 requires that the financial reports be prepared on a liquidation basis.Discuss why this treatment is inconsistent with the treatment of non-adjusting events.

Understand the principles and calculations related to the realization and recognition of gains and losses in property transactions.

Analyze the effects of property improvements and sales commission on the basis and gain calculation.

Apply the concepts of involuntary conversion and non-recognition of gain.

Understand and apply the installment sale method for recognizing gain.

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