Webcast Replay: Managing Going-Concern Risk

 

Duration is 1 hour

Due to the current economic climate, more and more companies - many for the first time - are facing going-concern risk, resulting in a record number of companies that received audit opinions expressing substantial doubt about the company's ability to continue as a going-concern (known as a "going-concern opinion" or "GCO"). Some have called GCOs "self-fulfilling prophecies of doom," whereby the expressed uncertainty of a company's ongoing viability becomes a harsh reality, as investors and other key stakeholders interpret a GCO as an indication that a business will fail or go bankrupt within 12 months. 

Going-concern risk is increasingly relevant for many business leaders today as they seek to mitigate risk related to extending credit to customers, ensure the viability of their supply chain partners, protect the value of their investments or face going-concern risks in their own organization.

Raising the issue to an even higher degree of prominence for many executives, the Financial Accounting Standards Board (FASB) has proposed issuing an accounting standards update on going-concern to clarify in the accounting literature that management has the primary responsibility for assessing the company's ability to continue as a going-concern.

During this webcast, the presenters discussed:

  • The professional standards governing the going-concern evaluation
  • Key findings from Duff & Phelps research of companies that have received going-concern opinions over the past five years
  • The governance and legal implications of going-concern issues and the increasing importance of effective and timely communication with key stakeholders
  • The implications of the current credit crisis, how it affects going-concern risk and how the risks in this environment may be different from past economic cycles
  • Leading practices for managing going-concern risk, both within your own organization and related to your key business partners

Presented By:

  •  Michael Kelley, Managing Director and Service Leader, Going-Concern Advisory Services, Duff & Phelps
  • David J. Kaufman, Partner and Co-Vice Chair, Corporate Practice Group, Duane Morris, LLP
  • Amy Ripepi, Co-Founder and Managing Director, Financial Reporting Advisors, LLC
  • M. Jay Sinder, Chief Financial Officer, Hostway Corporation

Who should view this webcast replay?
Audit Committee Board Members, CFOs, Controllers and Chief Accounting Officers, Investment Professionals, General Counsel, and External Legal Counsel

 

 

 

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