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Small Company Disclosure Simplification Act gains traction in the House of Representatives.
Congressman Hurt’s proposed “Small Company Disclosure Simplification Act” is moving through the House of Representatives today and should be submitted for markup tomorrow as the proposed bill begins to gain some traction.
The purpose of the bill is to “exempt smaller public companies from requirements relating to the use of XBRL for periodic reporting to the SEC, and for other purposes.” The proposed bill specifically exempts: emerging growth companies and issuers with total annual gross revenues of less than $250,000,000. The bill also calls for an analysis of the cost and benefits to issuers who are categorized as an issuer with total annual gross revenues of less than $250 million. The proposed analysis must be compiled into a report given to Congress that also contains: the progress in implementing XBRL reporting within the SEC, the use of XBRL data by Commission officials, the use of XBRL data by investors, and any additional information the Commission deems relevant for increasing transparency, decreasing costs, and increasing efficiency of regulatory filings with the Commission. For full access to the language and content of the proposed, please click here.
What are your opinions on the Small Company Disclosure Simplification Act? Do you believe it will have a significant impact on public company reporting if it is implemented?