The pandemic outbreak has significantly impacted many businesses and their ability to continue operating as a going concern. Going concern is a basic accounting principle as well as one of the fundamental assumptions under the International Financial Reporting Standards. The management is responsible to determine whether the going concern assumption is relevant in the preparation of company’s financial statements. With the progress of the novel coronavirus the focus on whether an entity is a going concern should be heightened. Taking into consideration the continuing uncertainty in the Covid-19 environment, the aim of the paper is to discuss the challenges through the lens of the company’s management in the assessment of the going concern assumption. Few questions that should be considered when performing the analyses as well as some of the factors that contribute to a robust assessment are outlined. A special attention is given to disclosure requirements and their improvement in the Covid-19 context.
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