Bill > HR1965

This bill, the Small Company Disclosure Simplification Act, aims to ease reporting burdens for smaller public companies by exempting "emerging growth companies" and issuers with less than $250 million in annual gross revenues from the requirement to use Extensible Business Reporting Language (XBRL) for their financial statements and other mandatory filings with the Securities and Exchange Commission (SEC). XBRL is a digital format that makes financial data more easily searchable and analyzable. While exempt, these companies can still choose to use XBRL if they wish. Furthermore, the bill mandates that the SEC analyze the costs and benefits of XBRL reporting for these smaller companies and report its findings, along with information on XBRL implementation and usage by the SEC and investors, to Congress.