Management of a cellular phone company learns that a new

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Management of a cellular phone company learns that a new technological advance will occur within the next year that will make the company's current phones and related products obsolete. As a result, there is a strong chance that the company will close. When financial statements appear for auditors, management does not reveal its knowledge of the new technology. In this case, what accounting concepts are involved?

Reference no: EM13580893

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