Bill > HR1912

This bill, the Small Company Disclosure Simplification Act, exempts "emerging growth companies" (companies that have recently gone public and meet certain criteria) and other smaller companies with less than $250 million in annual gross revenue from the requirement to use Extensible Business Reporting Language (XBRL) for their financial statements and other mandatory reports filed with the Securities and Exchange Commission (SEC). XBRL is a digital format designed to make financial data more easily searchable and analyzable. While exempt, these companies can still choose to use XBRL if they wish. The bill also directs the SEC to study the costs and benefits of XBRL for these smaller companies and to report its findings, along with information on the SEC's progress in implementing XBRL and how investors are using XBRL data, to Congress.