In 2011, your firm issued an unmodified report on Tosi Corporation, a private company. During 2013, Tosi

Question:

In 2011, your firm issued an unmodified report on Tosi Corporation, a private company. During 2013, 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 for 2012 and 2013?

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...