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Cayman Funds 2016

EISNERAMPER CAYMAN Ben Leung is the managing partner of EisnerAmper Cayman He can be contacted at: bleung@eisneramper.ky Joseph Domingo is an audit manager with EisnerAmper Cayman. He can be contacted at: jdomingo@eisneramper.ky CAYMAN FUNDS | 2016 63 to meet its obligations within one year after the date the financial statements are issued. When relevant conditions or events, considered in the aggregate, initially indicate that it is probable that an entity will be unable to meet its obligations as they become due within one year after the date the financial statements are issued (and therefore they raise substantial doubt about the entity’s ability to continue as a going concern), management shall evaluate whether its plans that are intended to mitigate those conditions and events, when implemented, will alleviate substantial doubt about the entity’s ability to continue as a going concern. Management plans to mitigate going concern issues The mitigating effect of management’s plans shall be considered in evaluating whether the substantial doubt is alleviated only to the extent that information available as of the date the financial statements are issued indicates both of the following: a) It is probable that management’s plans will be effectively implemented within one year after the date the financial statements are issued; and b) It is probable that management’s plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date the financial statements are issued. Disclosures—when substantial doubts exist which are alleviated by management plans If, after considering management’s plans, substantial doubt about an entity’s ability to continue as a going concern is alleviated as a result of consideration of management’s plans, an entity shall disclose in the footnotes information that enables users of the financial statements to understand all of the following (or refer to similar information disclosed elsewhere in the footnotes): a) Principal conditions or events that raised substantial doubt about the entity’s ability to continue as a going concern (before consideration of management’s plans); b) Management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations; and c) Management’s plans that alleviated substantial doubt about the entity’s ability to continue as a going concern. Disclosures—when substantial doubts exist which are not alleviated by management plans If, after considering management’s plans, substantial doubt about an entity’s ability to continue as a going concern is not alleviated, the entity shall include a statement in the footnotes indicating that there is substantial doubt about the entity’s ability to continue as a going concern within one year after the date the financial statements are issued. Additionally, the entity shall disclose information that enables users of the financial statements to understand all of the following: a) Principal conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern; b) Management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations; and c) Management’s plans that are intended to mitigate the conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern. If conditions or events continue to raise substantial doubt about an entity’s ability to continue as a going concern in subsequent annual or interim reporting periods, the entity shall continue to provide the required disclosures in those subsequent periods. Disclosures should become more extensive as additional information becomes available about the relevant conditions or events and about management’s plans. An entity shall provide appropriate context and continuity in explaining how conditions or events have changed between reporting periods. For the period in which substantial doubt no longer exists (before or after consideration of management’s plans), an entity shall disclose how the relevant conditions or events that raised substantial doubt were resolved. These amendments are effective for annual periods ending after December 15, 2016 and for annual periods and interim periods thereafter. Early application is permitted. Shutterstock / alphaspirit


Cayman Funds 2016
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