An entity capable of continuing its operation for the foreseeable future or expected to continue its business indefinitely unless a contrary evidence proves otherwise.
An organization is considered going concern if its holding enough resources to carry out its core operational activities and to payoff its obligations in time. There are no set rules or quantitative formula to determine if entity is a going concern or not and is generally assessed on individual basis considering different variables like; surrounding circumstances, ability to convert fixed assets to liquid assets, sources available to raise finance etc.