Going concern means the assumption that an entity will continue in operation for the foreseeable future. Hence, it is assumed that the entity has neither the intention nor the need to liquidate or curtail materially the scale of its operations. Foreseeable future is usually regarded as at least within the 12 months to come. In other words if you prepare your accounts on the assumptions of going concern, then you expect to continue your business for at least one year from the date of your balance sheet.
