WHERE NO ONE STANDS ALONE
“I believe, that somewhere in the darkest night, a candle glows” From the song ‘I Believe’ by Tom Jones T here is an accounting concept called ‘Going-concern Concept’, which is also known as ‘Continuity Concept’. This is taught to every Accountancy student, right when he or she is about to embark upon the journey of learning this subject. I have taught this to my students for over four decades. But, every time I have taught it, I have learnt something new – something fresh – about it… The core idea of the ‘Going-concern Concept’, which the accountant has to bear in mind, is: That, the enterprise, whose books of accounts he is expected to maintain, has an indefinite life… That, it is not going to dissolve in a foreseeable future… That, it can outlive all its assets, including all the Fixed Assets… That, it can, even, outlive its Owners, like partners or shareholders. N ow, because the enterprise has an indefinite life, it becomes necessar...