An accounting concept (but which is also relevant in applying the UK Corporate Governance Code) used to describe an entity, other than an entity that the management intends to liquidate or, in respect of which, cease trading, or for which it has no realistic alternative but to do so.

Accounts are normally prepared on a going concern basis. If an entity is not a going concern, it must produce a different form of accounts. If there are significant uncertainties that an entity will continue to be a going concern, specific disclosures are required in the accounts.

For general information on accounts, see Practice note, Company accounts and reports: overview.