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Accounting - Exciting This Time of Year

If July 4th didn't provide enough fireworks, the SEC is sure providing some. The restatement of financial statements for public filers is hot and frothy. No doubt the weakness in financial reporting has been aided by a robust number of SPAC adventures over the past several months. Three-quarters of the restatements are related to SPACs and the sticky questions around warranty accounting. Of course while this posed some speed bumps in SPAC filing activity, it has not been a road block to the public markets. We expect activity to continue at a feverish pace and hopefully the accountants can type a lot faster to keep up! Next up will be keeping an eye on the securities litigation front. Never a dull moment when accounting is red flagged. Stay tuned for more...

More than 540 companies have restated their financial accounts in the past three months, higher than every full year since 2013, to comply with a directive from Washington, new data show.


finance, office of the cfo, f-performance, perspective

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