Abstract
Since the introduction of accounting concepts to the current generation, the ultimate responsibility of financial reporting has been to provide users of financial statements with quality financial information that is useful for decision-making purposes. In order to provide such information, the International Financial Reporting Standards (IFRSs) stipulate the type of financial disclosures to be provided by the entity, using the framework for each relevant accounting standard applicable to that entity. Since the rate at which large corporations are plunging into financial distress has increased enormously in recent years, the conditions causing this financial distress pose challenges to management when assessing whether the company is a going concern and to auditors when evaluating the adequacy of its going concern disclosures. The starting point is the financial reporting by management before auditors can audit and users can consider the financial information. It is therefore of utmost importance to examine the financial reporting practices of entities that may be in need of business rescue to identify significant trends in their disclosures that may assist in improving the financial reporting in such cases...
M.Com. (International Accounting)