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SEC Still Getting Lots of SPAC-Related Accounting Questions

Aug. 3, 2021, 8:17 PM

The SEC’s Office of the Chief Accountant continues to field a high volume of questions on accounting related to capital raising, including for SPAC transactions, acting Chief Accountant Paul Munter said Tuesday.

“In particular, we are seeing companies who have historically been private companies and they are trying to adapt to the responsibilities that come along with being a public company,” Munter said at an American Accounting Association conference.

The financial reporting questions crop up for companies going public through the traditional initial public offering process, but also by merger with special purpose acquisition companies, Munter said. SPACs, the shell ...