Fundamental Accounting Assumption

Going concern: The enterprise is normally viewed as a going concern, i.e. as continuing operations for the foreseeable future. It is assumed that the enterprise has neither the intention nor the necessity of liquidation, unless and otherwise the management is notified to the auditor about the companies intention to liquidate.

i don't know

There are only three basic assumptions under every accounting information i.e.:

1. Going concern concept
2. Accrual concept
3. Consistency

And some have stated that there are five basic assumptions:

1. Business entity concept
2. Going concern concept
3. Accruals concept
4. Money Measurement concept
5. Consistency

However, if we are preparing financial statements according to IAS1 then fundamental accounting assumptions for preparing financial statements are as follows:

1. Going concern – Entity is a going concern
2. Accrual basis of accounting – all financial statements except cash flow information must be prepared following accrual basis of accounting
3. Consistency – Consistency in presentation and classification of financial statements items
4. Materiality and aggregation – Material class of similar items are presented separately
5. Offsetting – Assets against liabilities and incomes against expenses cannot be offset unless permitted or required by IAS.

Among these five, first three are given more importance as they least affected by situations and other requirements of IASs.

In such case its necessary to determine the company's GOING CONCERN 

The auditor should assess the enterprise's ability to continue its operation in the coming twelve months........

Agree with Mr.                   VENKITARAMAN KRISHNA MOORTHY