Long-Form Report

Definition:

An extensive Due Diligence report prepared by the External Auditors. The exact scope of the report will be specific to the requirements of that IPO, and the report, though private, will impact the contents of the Prospectus. Because Long-Form Reports are often not completed until the prospectus is substantially complete, their use in dictating prospectus disclosure may be limited. As a result, underwriters and advisors are beginning to rely more heavily on other accounting reports such as reports on the issuer’s financial reporting readiness.

Return to Glossary