SEC now: 2025 comment letter trends on transactions

We continue our SEC-focused series with a discussion on transaction-related matters, including IPOs, mergers and acquisitions, spinoffs, and divestitures. Our guests share insights into the SEC preclearance process and common SEC comment letter themes. Getting ahead of these issues can help avoid delays that may significantly impact deal timing and disclosures.

In this episode, we discuss:

• 3:56 – Overview of 2025 IPO and M&A market activity
• 7:08 – SEC preclearance process and common issues
• 19:59 – Typical transaction filing review comment letter themes
• 32:49 – Final takeaways on anticipating and addressing SEC comments

For more information:

• Going for a spin: Accounting and reporting for spinoffs
• Financial statement presentation guide
• Business combinations guide

In case you missed it, check out the previous episodes in this SEC-focused series: 

• SEC now: Today’s landscape and recent developments
• SEC now: Non-GAAP 2025 comment letter trends

For more on the SEC, listen to our recent episode on frequency of reporting, SEC to revisit quarterly reporting: Pros, cons, and what’s ahead. Also, check out our SEC reporting series from earlier this year where we take a “back to basics” look at key reporting areas:

• Inside SEC reporting: Capital formation
• Inside SEC reporting: Acquisitions and divestitures
• Inside SEC reporting: Pro forma financial information
• Inside SEC reporting: Form 8-K (current report)

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About our guests, Katie Driessen, a partner in PwC’s National Office who assists companies with complex accounting and financial reporting issues related to capital markets transactions and Scott Feely, a PwC National Office Deputy Chief Accountant with 30 years of experience supporting clients.

About our guest host, Kyle Moffatt, PwC’s Professional Practice leader who guides teams partnering with regulators and delivering influential thought leadership and educational materials.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com

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