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Cover Page - USD ($)
10 Months Ended
Dec. 31, 2020
Mar. 22, 2021
Jun. 30, 2020
Document Information Line Items      
Entity Registrant Name VG ACQUISITION CORP.    
Document Type 10-K/A    
Current Fiscal Year End Date --12-31    
Amendment Flag true    
Amendment Description VG Acquisition Corp. (the “Company,” “we”, “our” or “us”) is filing this Annual Report on Form 10-K/A (Amendment No. 1), or this Annual Report, to amend our Annual Report on Form 10-K for the period ended December 31, 2020, originally filed with the Securities and Exchange Commission, or the SEC, on March 24, 2021, or the Original Filing, to restate our financial statements for the period ended December 31, 2020. We are also restating the financial statement as of October 6, 2020 in the accompanying financial statements included in this Annual Report, including describing the restatement and its impact on previously reported amounts. The restatement results from the Company’s prior accounting for its outstanding warrants issued in connection with its initial public offering in October 2020 as components of equity instead of as derivative liabilities relating to the SEC’s statement on April 12, 2021 (the “Statement”) discussing the accounting implications of certain terms that are common in warrants issued by special purpose acquisition companies (“SPACs”). The warrant agreement governing the warrants includes a provision that provides for potential changes to the settlement amounts dependent upon the characteristics of the holder of the warrant. In addition, the warrant agreement includes a provision that in the event of a tender or exchange offer made to and accepted by holders of more than 50% of the outstanding shares of a single class of ordinary shares, all holders of the warrants would be entitled to receive cash for their warrants (the “tender offer provision”). In other words, in the event of a qualifying cash tender offer (which could be outside the control of the Company), all warrant holders would be entitled to cash, while only certain of the holders of the underlying ordinary shares would be entitled to cash. In connection with the audit of the Company’s financial statements for the period ended December 31, 2020, the Company’s management further evaluated the warrants under Accounting Standards Codification (“ASC”) Subtopic 815-40, Contracts in Entity’s Own Equity. ASC Section 815-40-15 addresses equity versus liability treatment and classification of equity-linked financial instruments, including warrants, and states that a warrant may be classified as a component of equity only if, among other things, the warrant is indexed to the issuer’s common stock. Under ASC Section 815-40-15, a warrant is not indexed to the issuer’s common stock if the terms of the warrant require an adjustment to the exercise price upon a specified event and that event is not an input to the fair value of the warrant. Based on management’s evaluation, the Company’s audit committee, in consultation with management, concluded that the Company’s warrants are not indexed to the Company’s ordinary shares in the manner contemplated by ASC Section 815-40-15 because the holder of the instrument is not an input into the pricing of a fixed-for-fixed option on equity shares. In addition, based on management’s evaluation, the Company’s audit committee, in consultation with management, concluded the tender offer provision included in the warrant agreement fails the “classified in shareholders’ equity” criteria as contemplated by ASC Section 815-40-25. As a result of the above, the Company should have classified the warrants as derivative liabilities in its previously issued financial statements. Under this accounting treatment, the Company is required to measure the fair value of the warrants at the end of each reporting period and recognize changes in the fair value from the prior period in the Company’s operating results for the current period. The Company’s accounting for the warrants as components of equity instead of as derivative liabilities did not have any effect on the Company’s previously reported operating expenses, cash flows or cash. In connection with the restatement, the Company’s management reassessed the effectiveness of its disclosure controls and procedures for the periods affected by the restatement. As a result of that reassessment, the Company’s management determined that its disclosure controls and procedures for such periods were not effective due to a material weakness in internal control over financial reporting related to the classification of the Company’s warrants as components of equity instead of as derivative liabilities. For more information, see Item 9A included in this Annual Report on Form 10-K. The Company has not amended its previously filed Current Reports on Form 8-K for the period affected by the restatement. The financial information that has been previously filed or otherwise reported for these periods is superseded by the information in this Annual Report on Form 10-K, and the financial statements and related financial information contained in such previously filed reports should no longer be relied upon. The restatement is more fully described in Note 2 of the notes to the financial statements included herein.    
Entity Central Index Key 0001804591    
Entity Current Reporting Status No    
Entity Filer Category Non-accelerated Filer    
Document Period End Date Dec. 31, 2020    
Document Fiscal Year Focus 2020    
Document Fiscal Period Focus FY    
Entity Small Business true    
Entity Emerging Growth Company true    
Entity Shell Company true    
Entity Ex Transition Period false    
Document Transition Report false    
Entity File Number 001-39587    
Entity Incorporation, State or Country Code E9    
Entity Address, State or Province NY    
Entity Interactive Data Current Yes    
Document Annual Report true    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Public Float     $ 0
ICFR Auditor Attestation Flag false    
Class A common stock      
Document Information Line Items      
Entity Common Stock, Shares Outstanding   50,855,000  
Title of 12(b) Security Class A ordinary shares    
Trading Symbol VGAC    
Security Exchange Name NYSE    
Class B common stock      
Document Information Line Items      
Entity Common Stock, Shares Outstanding   12,713,750  
Redeemable Warrants      
Document Information Line Items      
Title of 12(b) Security Redeemable warrants    
Trading Symbol VGAC.WS    
Security Exchange Name NYSE    
Units      
Document Information Line Items      
Title of 12(b) Security Units, each consisting of one Class A ordinary share    
Trading Symbol VGAC.U    
Security Exchange Name NYSE