SOC Tip #22

In an SOC 2 report, the service auditor opines on the effectiveness of controls over the entire reporting period and not as of a point in time, so controls will change part-way through the period and save the evidence related to the ‘old’ controls. The auditor will have to test both.

FASB: Classification of Extraordinary Items No Longer Required on Income Statements

Under Subtopic 225-20: Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items, tax preparers, auditors and regulators no longer need to evaluate if unusual or extraordinary events were properly classified and presented on the income statement.

Congress Passes Permanent Research and Development (R&D) and Section 179 Tax Breaks

In a rare show of bipartisan action, Congress overwhelmingly passed the Protecting Americans from Tax Hikes (PATH) Act of 2015, and President Obama signed it.

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