2009 | 2009(51(107)) | 165-176
Article title

Balance sheet without going concern – prudence or substance over form

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This article deals with the principles of balance sheet preparation in companies at thebeginning of the bankruptcy process. This type of balance sheet means that the last periodof business activity has started. In this period the goals of enterprise activity arechanged – the main purpose is selling its assets. So, in the author's opinion, the prudenceprinciple should not be used in the process of financial statements preparation.This approach is the best way of implementing the true and fair view concept and substanceover form principle. The author postulates using the net realisable value even if itis higher than the book value of assets.
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