re: Sears, Going Concern, and Changing Rules

Unusual that Sears did and Deloitte did not.

The bar for management is 'probable' within 12 months of the date of issuance that it will not meet its obligation.

PCAOB rules for auditors is 12 months from date of financials and is a significant doubt standard.

Also auditors can take into account mitigating plans and assess the likelihood of those being effective (although most auditors want these plans in stone).

ASC 205 does not allow management to take into account things that are not fully implemented regardless of probability of implementation. That could be the difference.

But you are right, in general a cold reading of the new standard along with how Firms instituted AS 2415 suggested that the bar for management to conclude it is a going concern issue was much much higher. This runs contrary

So it could be the calendar as you suggested or some mitigating plan that is highly likely (and appeased Deloitte) but management could not bake in.