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Congress Stalls XBRL Exemption
Publisher: Compliance Week
Author: Tammy Whitehouse
In Congress, a House subcommittee that was considering an XBRL exemption for smaller reporting companies has decided to put the discussion on hold while they try and broker a deal to make XBRL less burdensome and more useful.
Originally, the draft bill would direct the SEC to exempt companies of $1 billion in revenue or lower from the requirement to submit financial statements in XBRL. Companies that fall under $1 billion in revenue or lower makes up almost 80% of all public companies and the draft bill would have a large effect on the XBRL requirement mandated by the SEC.
Instead, the House subcommittee is looking to narrow the exemption significantly and has suggested that the new draft bill will exempt “emerging growth companies” as defined by the JOBS Act. For more information on how the SEC plans to address potential XBRL exemptions and quality concerns, click here to access the full article.