XBRL US submitted a letter to the Securities and Exchange Commission (SEC) raising concerns about the SPAC Taxonomy which is used to tag disclosures in compliance with the final rule, Special Purpose Acquisition Companies, Shell Companies, and Projections.
The letter pointed out certain challenges with the SPAC Taxonomy, including the difficulties working with highly detailed elements for narrative disclosures that do not always align with industry practice, lack of clarity surrounding the use of extension elements, and elements that are missing from the taxonomy.
It also raises a number of questions regarding the rule itself as well as the use of the taxonomy.
Read the letter: XBRL US Comment on SEC SPAC Taxonomy
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