SOC Tip #37

SOC 2  and SOC 3 adoption is rapidly growing where vendor risk management concerns are more focused on Privacy, Security, Availability, Confidentiality, and processing Integrity availability than financial reporting risks.

ASC 740: Income Tax Accounting Impact of New Texas Franchise Tax Rate on Financial Statements

On June 15, 2015, Texas Governor Greg Abbott signed into law House Bill 32, the Franchise Tax Reduction Act of 2015. This legislation permanently reduces the Texas Franchise Tax rate by 25 percent.

FASB Issues Update on Simplifying Inventory Measurement

The Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU), Inventory (Topic 330): Simplifying the Measurement of Inventory. The amended rules were issued as part of its broader simplification initiative. An indirect result of the Accounting Standard Update was to align inventory measurement under U.S. Generally Accepted Accounting Principles (GAAP) more closely with International Financial Reporting Standards (IFRS).

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