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Going concern companies must assess their situation, says FRC

Small businesses have been told by the Financial Reporting Council (FRC) that they must still produce financial statements by April in order to determine whether they are a going concern.

Those companies which still expect to be trading in a year's time must still file statements, even if they choose to opt out of an audit or want to file abbreviated accounts at Companies House.

In an update released by the FRC, small companies are given advice on how to produce enough evidence that they are a going concern.

Ian Wright, director of corporate reporting at the FRC, said: "We published an update on going concern for directors of listed companies in November last year to help them prepare for their forthcoming year ends. We hope that directors of smaller companies will find it useful as they prepare accounts during this year."

Late last year, the Association of Certified Chartered Accountants raised the question of whether the going concern concept was applicable during a credit crisis.

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