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

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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.


Definitions:

Sex Chromosomes

Chromosomes involved in determining the gender of an organism, typically one pair per organism, such as X and Y chromosomes in humans.

Female

An individual of the species that is typically characterized by the production of eggs or ovum and, in mammals, possession of two X chromosomes.

Linked Genes

Genes located close together on the same chromosome that tend to be inherited together.

Independent Assortment

A principle of genetics stating that genes for different traits are distributed to sex cells (& gametes) independently of one another.

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