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Bill114th CongressFiled Apr 22, 2015Finance and Financial Sector
H.R. 1965

Small Company Disclosure Simplification Act

Bill journey · stage 2 of 5

Under committee review

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What it doesSummary reported to house without amendment (Jan 28, 2016)

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Small Company Disclosure Simplification Act

(Sec. 2) This bill exempts emerging growth companies and issuers with total annual gross revenues of less than $250 million from the requirement to use Extensible Business Reporting Language (XBRL) for financial statements and other mandatory periodic reporting filed with the Securities and Exchange Commission (SEC). Such companies, however, may elect to use XBRL for such reporting.

(Sec. 3) The SEC shall: (1) analyze the costs and benefits to such issuers of the requirement to use XBRL for financial statements and other mandatory periodic reporting; and (2) report to certain congressional committees on the results of such analysis as well as on progress in implementing XBRL reporting within the SEC, and use of XBRL data by the SEC and by investors.

What just happenedJan 28, 2016

Placed on the Union Calendar, Calendar No. 302.

Who’s behind it

Rep. Hurt, Robert [R-VA-5](R-VA)Sponsor
Read on Congress.gov
1committees9actions4related bills11subjects
  1. Jan 28, 2016CalendarsH12410

    Placed on the Union Calendar, Calendar No. 302.

  2. Jan 28, 2016CommitteeH12200

    Reported by the Committee on Financial Services. H. Rept. 114-399.

    Financial Services Committee
  3. Jan 28, 2016Committee5000

    Reported by the Committee on Financial Services. H. Rept. 114-399.

    Financial Services Committee
  4. May 20, 2015Committee

    Ordered to be Reported by the Yeas and Nays: 44 - 11.

    Financial Services Committee
  5. May 20, 2015Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  6. Apr 29, 2015Committee

    Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.

    Capital Markets Subcommittee
  7. Apr 22, 2015IntroReferralH11100

    Referred to the House Committee on Financial Services.

    Financial Services Committee
  8. Apr 22, 2015IntroReferralIntro-H

    Introduced in House

  9. Apr 22, 2015IntroReferral1000

    Introduced in House

Reported to House without amendmentJan 28, 201679

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Small Company Disclosure Simplification Act

(Sec. 2) This bill exempts emerging growth companies and issuers with total annual gross revenues of less than $250 million from the requirement to use Extensible Business Reporting Language (XBRL) for financial statements and other mandatory periodic reporting filed with the Securities and Exchange Commission (SEC). Such companies, however, may elect to use XBRL for such reporting.

(Sec. 3) The SEC shall: (1) analyze the costs and benefits to such issuers of the requirement to use XBRL for financial statements and other mandatory periodic reporting; and (2) report to certain congressional committees on the results of such analysis as well as on progress in implementing XBRL reporting within the SEC, and use of XBRL data by the SEC and by investors.

Introduced in HouseApr 22, 2015

Small Company Disclosure Simplification Act

Exempts emerging growth companies and issuers with total annual gross revenues of less than $250 million from the requirements to use Extensible Business Reporting Language (XBRL) for financial statements and other mandatory periodic reporting filed with the Securities and Exchange Commission (SEC). Allows such companies, however, to elect to use XBRL for such reporting.

Directs the SEC to: (1) analyze the costs and benefits to such issuers of the requirements to use XBRL for financial statements and other mandatory periodic reporting; and (2) report to certain congressional committees on the results of such analysis as well as on progress in implementing XBRL reporting within the SEC, and use of XBRL data by the SEC and by investors.

Small Company Disclosure Simplification Act — Informed