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12210 General
us SEC - Financial Reporting Manual
12210.1 SEC rules do not directly address a registrant's financial reporting obligations in the event that it acquires another entity in a transaction accounted for as either a reverse acquisition or reverse recapitalization. For accounting purposes, the legal acquiree is treated as the continuing reporting entity that acquired the registrant (the legal acquirer). Reports filed by the registrant after a reverse acquisition or reverse recapitalization should parallel the financial reporting required under GAAP — as if the accounting acquirer were the legal successor to the registrant's reporting obligation as of the date of the acquisition. The level of significance is irrelevant as the accounting acquirer is considered to be the registrant's predecessor.
12210.2 Registrants should assure that:
a. filings with the SEC result in timely continuous reporting, with no lapse in periodic reports filed, and
b. no audited period exceeds 12 months.
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