ICAI has issued a set of FAQs/ Clarifications relating to implementation issues of ‘Revised SA 570: Going Concern’, applicable for the audits of FY 2017-18 and onwards, including reference to various reporting Standards implementation of which has been deferred to FY 2018-19, based on the queries/ concerns received from the members, as under:
ICAI’s FAQs on ‘Revised SA 570: Going Concern’
It may be noted that ICAI had earlier issued ‘Revised SA 570: Going Concern’ along with other ‘Revised SA-700, SA-701, SA-705, SA-706, SA-260’, which were originally announced to be applicable w.e.f. 01/04/2017 (i.e. for audits of financial statements for FY 2017-18 onwards). However, subsequently, the ICAI had deferred the applicability of ‘Revised SA 700’, ‘SA 701′, Revised SA 705’ and ‘Revised SA 706’ by one year, i.e. from 01/04/2018 for audits of financial statements for FY 20118-19 and onwards. Therefore, the ‘Revised SA 260′ and Revised SA 570’ shall continue to be applicable for audits of financial statements for periods beginning on or after 01/04/2017 (FY 2017-18 onwards).