ICAI releases FAQs on SA 570 (Revised), ‘Going Concern’ [Read FAQs]

The Institute of Chartered Accountants of India ( ICAI ) has issued Frequently Asked Questions on SA 570 (Revised), ‘Going Concern’ (Applicable for audits of financial year 2017-18).

ICAI has issued SA 570 (Revised), “Going Concern” along with other Standards, SA 700 (Revised), SA 701, SA 705 (Revised), SA 706 (Revised) & SA 260 (Revised) on 17th May, 2016 which were made applicable w.e.f. 01.04.2017 (for audits of financial statements for periods beginning on or after April 1, 2017).

The Council of ICAI, by issuing an announcement, deferred the applicability of SA 700 (Revised), SA 701, SA 705 (Revised), SA 706 (Revised) by one year, i.e. effective for audits of financial statements for periods beginning on or after April 1, 2018. However, SA 260 (Revised) & SA 570 (Revised) are applicable for audits of financial statements for periods beginning on or after April 1, 2017.