What types of reports would you issue on financial statement


Response to the following problem:

In 2014, your firm issued an unmodified report on Tosi Corporation, a private company. During 2015, Tosi entered its first lease transaction, which you have determined is material but not pervasive, and meets the criteria for a capitalized lease. Tosi Corporation's management chooses to treat the transaction as an operating lease.

What types of reports would you issue on the corporation's comparative financial statements for 2014 and 2015?

 

 

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