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.

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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