FASB Issues Exposure Drafts on Going Concern and Subsequent Events

The US Financial Accounting Standards Board (FASB) has issued two related Exposure Drafts for public comment. The documents contain two proposed FASB Statements, Going Concern and Subsequent Events, intended to improve financial reporting by incorporating accounting guidance that originated as auditing standards into the body of authoritative literature issued by the FASB while converging US generally accepted accounting principles and International Financial Reporting Standards (IFRS). (Read the FASB News Release.)