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State of CaliforniaYearEnd Financial Reports Information GAAP Basis For the Fiscal Year Ended June 30, 2020BETTY T. YES California State Controllers Officiate Controllers Office State Accounting and
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Review the financial status and performance of the entity in consideration of potential going concern issues.
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Assess any material uncertainties or events that may impact the entity's ability to continue operating as a going concern.
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It is a section of a financial report where the company's ability to continue operating in the foreseeable future is assessed.
Companies that prepare financial reports are required to include a section on going concern.
Page 135 going concern should be filled out by evaluating the company's current financial position and future prospects.
The purpose is to inform stakeholders, such as investors and creditors, about the company's ability to continue as a going concern.
Information such as current financial position, future cash flows, and management's plans to address any potential issues.
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