K.Murali FCA (Partner) (30 Points)
14 August 2009Auditee- Loss making PSU serving general public, with negative net worth, operating losses, cash loss, overdues on all statutory dues for more than 20 months, overdue instalments on loans. All ratios obivously on the negative. Well, these are the only downsides.
Can one question Going Concern Assumption of this PSU ?Auditee syas it is serving public and owned by Governement, so one cannot question the going concern concpet..
Arjun Roy
(Chartered Accountant)
(158 Points)
Replied 01 September 2009
sir, in my view going concern cannot be questioned.. it will continue to work in losses as its another motive of public service is continuing irrespective of losses..
am i right..?
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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