H.R.5054 - Small Company Disclosure Simplification Act of 2018115th Congress (2017-2018)
|Sponsor:||Rep. Kustoff, David [R-TN-8] (Introduced 02/15/2018)|
|Committees:||House - Financial Services|
|Committee Reports:||H. Rept. 115-1094|
|Latest Action:||House - 12/21/2018 Placed on the Union Calendar, Calendar No. 846. (All Actions)|
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Summary: H.R.5054 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in House (02/15/2018)
Small Company Disclosure Simplification Act of 2018
This bill exempts from requirements to use Extensible Business Reporting Language (XBRL) for Securities and Exchange Commission (SEC) filings: (1) emerging growth companies (in general, newly public companies with revenues below a specified threshold); and (2) on a temporary basis, certain other smaller companies.
The SEC must conduct an analysis of the costs and benefits of XBRL requirements with respect to such companies.
The SEC must report to Congress on the results of its analysis and other specified issues related to XBRL usage.