ABOUT THE AUTHOR
Zildjian Torres
Zildjian Torres
Zildjian Torres is a Supervisor from the Technical Accounting Group of Scrubbed. He has experience in preparing financial statements (i.e.,10-Q and 10-K reports) of SPACs. He also assists public and private companies in preparing technical memoranda and US GAAP financial statements (i.e., 10-Q and 10-K reports), including note disclosures and account reconciliations, and provides technical accounting consultation. Before joining Scrubbed, he had three years of professional experience with Sycip Gorres Velayo & Co. (SGV & Co.) handling financial statement audits, reviews, and agreed-upon procedures for public and private companies under real estate companies, aviation, and educational services industries.
Content
New Presentation and Disclosure Requirements on Contributed Nonfinancial Assets: Here’s What You Need to Know
Contributions are critical to NPOs, and in-kind items like products and services are also valuable. However, recent concerns about the overstatement of their value have led to changes in accounting standards. The ASU 2020-07 provides more transparent and credible presentations and disclosures of nonfinancial asset contributions.
Overcoming the Evolving Complexities of Going Public through SPACs
A Special Purpose Acquisition Company (SPAC) is a non-complex publicly-traded company that aims to acquire a private company. Fueled by a sudden upsurge in these transactions in 2020, SPACs have become very popular and extensively leveraged by private companies and investors.