Replies to post #8664 on GTC Biotherapeutics (fka GTCB)

[tonyvanw]

Here are some comments on the "going concern" qualification that I previously posted on the COR board:

From the Financial Accounting Standards Board(FASB:

Going Concern

The U.S. guidance for considering an entity’s ability to continue as a going concern is located in AICPA Statement on Auditing Standards No. 1, Codification of Auditing Standards and Procedures, Section 341, "The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern," and states that the auditor has a responsibility to evaluate whether there is substantial doubt about the entity’s ability to continue as a going concern for a reasonable period of time, not to exceed one year beyond the date of the financial statements being audited. This evaluation is based on knowledge of relevant conditions and events obtained from the auditing procedures performed during a financial statement audit. Constituents have expressed a need for accounting literature to clarify that management has the primary responsibility for assessing an entity’s ability to continue as a going concern and provide guidance on how that assessment should be performed.

Here is another interesting discussion: http://www.nysscpa.org/cpajournal/2004/504/essentials/p40.htm

[DewDiligence]

>How are you able to revise old posts?<

It’s iHub magic!

Seriously… once the brief time interval for editing a post expires, the post can’t be changed. However, the contents of a post can be updated and reposted in a new message, which I do all the time.