Subject The article investigates the concepts of going concern and sustainable development of economic systems and the impact of the law of cyclic development on the specified concepts. Objectives The purpose of the study is to compare domestic and foreign approaches to the interpretation of the going concern concept, quantify the sustainable development and justify the need for considering the law of cyclic development in the continuity of operations and sustainable development of economic systems. Methods The study employs general scientific principles and methods of research, like grouping and comparison, abstraction, generalization, analogy, and modeling. Results The content of the going concern concept stated in the standards of business continuity management differs from that in accounting and auditing regulations. The developed technique for financial stability evaluation rests on unified methodological basis and on the interrelation of the type of economic development and financial stability, risk associated with the use of resources and life cycle phases of the organization at the production stage. Economic systems develop according to the life cycle model, where changes in the parameters of sustainable development depend on the life cycle phase. Conclusions The concepts of going concern, sustainable development, and the law of cyclic development come into conflict, requiring new approaches to forecasting the development of economic systems.
Keywords: economic system, business continuity, going concern, sustainable development, law of cyclic development
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