Special purpose acquisition company (SPAC) transactions have unique risks and require awareness of what it takes to operate as a public business. When a SPAC closes acquisition of an existing private operating company, the operating company becomes a public company and must meet relevant reporting obligations on an accelerated timeline for the first time.

Maria L. Murphy, CPA, is a regular contributor to Compliance Week. She is a senior content management analyst, accounting and auditing products, CCH tax and accounting North America for Wolters Kluwer....