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Page count: 21

The current definition of a quot;going concernquot; according to GAAP does not take into consideration whether an on-going business exists that is separate or separable from its owner/manager in a closely-held firm or is merely an extension of the individual as an entity. In this study, we propose two criteria that would facilitate making this financing decision as it creates a relevant distinction for potential creditors. Finally, we also recommend that a going concern qualification be reinstated in the attestation process to motivate implementing this new definition for small, closely-held firms.