CaseGoing going gone: anatomy of a corporate liquidation
Review articleOpen access

AbstractThis case involves the choice of a reporting basis when an entity ceases to be a going concern. A liquidation raises several accounting and auditing questions, for example, should a new reporting basis be adopted, what type of audit opinion would be applicable, and how do these choices affect client or auditor litigation risk? A primary objective of the case is to show students how statements prepared under a liquidation assumption differ from traditional historical cost statements. A secondary objective is to have them consider the responsibility of the board of directors to monitor management and the role of managerial stock-based incentives in facilitating value-enhancing liquidation decisions.

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