Business plan going concern qualification

Companies that are a going concern may defer reporting long-term assets until a more appropriate time, such as in an annual reportas opposed to quarterly earnings. A company remains a going concern when the sale of assets does not impair its ability to continue operation, such as the closure of a small branch office that reassigns the employees to other departments within the company. Accountants may also employ going concern principles to determine how a company should proceed with any sales of assets, reduction of expenses or shifts to other products.

Business plan going concern qualification

Additional powers a Procurement contracts; subcontracts to disadvantaged small business concerns; performance bonds; contract negotiations; definitions; eligibility; determinations; publication; recruitment; construction subcontracts; annual estimates; Indian tribes 1 It shall be the duty of the Administration and it is hereby empowered, whenever it determines such action is necessary or appropriate— A to enter into contracts with the United States Government and any department, agency, or officer thereof having procurement powers obligating the Administration to furnish articles, equipment, supplies, services, or materials to the Government or to perform construction work for the Government.

In any case in which the Administration certifies to any officer of the Government having procurement powers that the Administration is competent and responsible to perform any specific Government procurement contract to be let by any such officer, such officer shall be authorized in his discretion to let such procurement contract to the Administration upon such terms and conditions as may be agreed upon between the Administration and the procurement officer.

Whenever the Administration and such procurement officer fail to agree, the matter shall be submitted for determination to the Secretary or the head of the appropriate department or agency by the Administrator.

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Such approvals shall be granted only on a limited basis. Provided, That the Administrator shall exercise the authority granted by the paragraph only if— A the Administration takes such measures as it deems appropriate for the protection of persons furnishing materials and labor to a small business receiving any benefit pursuant to this paragraph; B the Administration assists, insofar as practicable, a small business receiving the benefits of this paragraph to develop, within a reasonable period of time, such financial and other capability as may be needed to obtain such bonds as the Administration may subsequently require for the successful completion of any program conducted under the authority business plan going concern qualification this subsection; C the Administration finds that such small business is unable to obtain the requisite bond or bonds from a surety and that no surety is willing to issue bond or bonds subject to the guarantee provisions of Title IV of the Small Business Investment Act of [ 15 U.

The authority to waive bonds provided in this paragraph 2 may not be exercised after September 30, Such analysis may take into account prevailing market conditions, commercial prices for similar products or services, or data obtained from any other agency.

Such analysis shall consider such cost or pricing data as may be timely submitted by the Administration. Such adjustments shall take into account differences in quantities, performance times, plans, specifications, transportation costs, packaging and packing costs, labor and materials costs, overhead costs, and any other additional costs which may be deemed appropriate.

C An agency offering a procurement requirement for potential award pursuant to this subsection shall, upon the request of the Administration, promptly submit to the Administration a written statement detailing the method used by the agency to estimate the current fair market price for such contract, identifying the information, studies, analyses, and other data used by such agency.

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B A small business concern meets the requirements of this subparagraph if the management and daily business operations of such small business concern are controlled by one or more— i socially and economically disadvantaged individuals described in subparagraph A i I or subparagraph A ii Iii members of an economically disadvantaged Indian tribe described in subparagraph A i II or subparagraph A ii IIor iii Native Hawaiian organizations described in subparagraph A i III or subparagraph A ii III.

C Each Program Participant shall certify, on an annual basis, that it meets the requirements of this paragraph regarding ownership and control.

In determining the degree of diminished credit and capital opportunities the Administration shall consider, but not be limited to, the assets and net worth of such socially disadvantaged individual.

In determining the economic disadvantage of an Indian tribe, the Administration shall consider, where available, information such as the following: B Each Program Participant shall annually submit to the Administration — i a personal financial statement for each disadvantaged owner; ii a record of all payments made by the Program Participant to each of its disadvantaged owners or to any person or entity affiliated with such owners; and iii such other information as the Administration may deem necessary to make the determinations required by this paragraph.

C i Whenever, on the basis of information provided by a Program Participant pursuant to subparagraph B or otherwise, the Administration has reason to believe that the standards to establish economic disadvantage pursuant to subparagraph A have not been met, the Administration shall conduct a review to determine whether such Program Participant and its disadvantaged owners continue to be impaired in their ability to compete in the free enterprise system due to diminished capital and credit opportunities when compared to other concerns in the same business area, which are not socially disadvantaged.

E Whenever the Administration computes personal net worth for any purpose under this paragraph, it shall exclude from such computation— i the value of investments that disadvantaged owners have in their concerns, except that such value shall be taken into account under this paragraph when comparing such concerns to other concerns in the same business area that are owned by other than socially disadvantaged persons; ii the equity that disadvantaged owners have in their primary personal residences, except that any portion of such equity that is attributable to unduly excessive withdrawals from a Program Participant or a concern applying for program participation shall be taken into account.

B Limitations established by the Administration in its regulations and procedures restricting the award of contracts pursuant to this subsection to a limited number of standard industrial classification codes in an approved business plan shall not be applied in a manner that inhibits the logical business progression by a participating small business concern into areas of industrial endeavor where such concern has the potential for success.

All other determinations made pursuant to paragraphs 456and 7 shall be made by the Associate Administrator for Minority Small Business and Capital Ownership Development under the supervision of, and responsible to, the Administrator. B The actions referred to in subparagraph A are— i denial of program admission based upon a negative determination pursuant to paragraph 45or 6 ; ii a termination pursuant to section j 10 F of this title ; iii.PDF.

SUPERVISORY TERMINOLOGY. The following terminology shall be used in describing the levels of supervision within the Department: "Staff Officer" shall . The going concern principle is that you assume a business will continue in the future, unless there is evidence to the contrary.

When an auditor conducts an examination of the accounting records of a company, he or she has an obligation to review its ability to continue as a going concern; if the assessment is that there is a substantial doubt regarding the company's ability to continue in the.

business plan going concern qualification

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