SGX RegCo urges audit committees of SPACs to carefully consider accounting treatment

AS the listing of SPACs or special purpose acquisition companies in Singapore is impending, the frontline market regulator urges audit committees of these companies to carefully determine the accounting treatment and presentation.

Singapore Exchange Regulation (SGX RegCo) chief executive officer Tan Boon Gin noted in his speech on Wednesday (Jan 12) at the ACRA-SGX-SID audit committee seminar that the listing of SPACs on SGX may present several novel accounting-related matters.

The seminar was organised by the Accounting and Corporate Regulatory Authority (ACRA), SGX and the Singapore Institute of Directors (SID).