One of the fundamental assumptions upon which most general purpose financial statements are prepared is that the entity will continue to operate for the foreseeable future. This is known as the going concern assumption. When the economic storm clouds start rolling in however, it is a warning signal for a much closer look at the validity of the going concern assumption.

To stay ahead of competition, businesses have to become more open to change. Nick Jones explains how it is crucial for businesses not to lose sight of their long term vision and strategies in building future economic sustainability despite our current economic situation.