Small Company Disclosure Simplification Act
Latest action · Apr 21, 2015 Referred to the House Committee on Financial Services.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedApr 21, 2015
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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.
Cosponsors
Members who signed on, in the order they did.
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Apr 21, 2015 |
Actions 2
Everything that happened, newest first.
- Apr 21, 2015Introduced in House
- Apr 21, 2015Referred to the House Committee on Financial Services.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 161, no. 58, April 21, 2015, page H2355.
Related bills 3
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 37 | Promoting Job Creation and Reducing Small Business Burdens Act | Related bill | Jan 16, 2015 |
| HR 1675 | Capital Markets Improvement Act of 2016 | Related bill | Feb 4, 2016 |
| HR 1965 | Small Company Disclosure Simplification Act | Related bill | Jan 28, 2016 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To exempt smaller public companies from requirements relating to the use of Extensible Business Reporting Language for periodic reporting to the Securities and Exchange Commission, and for other purposes.
- Short Titles as Introduced
- Small Company Disclosure Simplification Act
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Administrative law and regulatory procedures
- Business investment and capital
- Business records
- Competition and antitrust
- Congressional oversight
- Corporate finance and management
- Finance and Financial Sector
- Financial services and investments
- Government studies and investigations
- Securities
- Securities and Exchange Commission (SEC)
- Small business
Text 1
Each version as it was printed, newest first.
- Apr 21, 2015Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
