re: Sears, Going Concern, and Changing Rules

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Thought they just changed rules to auditors assessing 12 months as of report date vs. FS date. Some firms have always done this anyway.

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No - auditor is still 'reasonable period of time'. "The auditor has a responsibility to evaluate whether there is substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time, not to exceed one year beyond the date of the financial statements being audited (hereinafter referred to as a reasonable period of time)."

It is ASU 2014-5 that pushes the evaluation to management too and they have the 12 months from issuance horizon.