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SPAC restatements proliferate in the wake of SEC warning


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A warning from the Securities and Exchange Commission about accounting for the warrants used by special purpose acquisition companies has prompted hundreds of them to issue financial restatements.
SPACs, also known as blank-check companies, have become an increasingly popular way for companies to go public by merging a privately held business with a shell company that files for an initial public offering. The SEC issued a
statement in April saying that many of the SPACs had been accounting for warrants improperly as equity when they should have been accounting for them as liabilities (
see story). The warrants are an inducement to attract investors by offering them the right to acquire shares at a certain price. The SEC warning has prompted more than 340 companies to restate their financials, according to Audit Analytics and ....

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What auditors learned from two years of CAM implementations

What auditors learned from two years of CAM implementations
accountingtoday.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from accountingtoday.com Daily Mail and Mail on Sunday newspapers.

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Audit report: Assessing risk landscape for IPOs

Audit report: Assessing risk landscape for IPOs
complianceweek.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from complianceweek.com Daily Mail and Mail on Sunday newspapers.

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