going-concern concept
in preparing the accounts of a business it is always assumed that the business will continue to operate indefinitely. Accordingly, in accounts prepared on a going-concern basis, it is unnecessary to show the current sale value of fixed assets, but rather it is permissible to enter them at their historical cost. Only if the business is to be sold or closed down is the current cost figure required.

Collins dictionary of law. . 2001.

Look at other dictionaries:

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