The Going Concern concept is a fundamental principle in accounting and financial reporting, signifying that an entity is expected to continue its operations in the foreseeable future, without the need to liquidate or cease trading. It assumes that the entity will be able to meet its obligations, operate efficiently, and generate adequate revenue.

For instance, financial statements are generally prepared under the Going Concern assumption, which means that the values of assets and liabilities are recorded based on regular operation conditions rather than liquidation values. If there are doubts about a company’s ability to continue as a going concern, it should be disclosed in the financial statements and addressed in an auditor’s report.

A practical example could be: 'The auditors evaluated the financial statements and concluded that the company remains a going concern despite the challenging market conditions.' Another example: 'Management has prepared a detailed cash flow forecast to ensure the business maintains its going concern status in the next fiscal year.'