Small Company Disclosure Simplification Act: H.R. 4164 Overview
The Small Company Disclosure Simplification Act, also known as H.R. 4164, aims to exempt small companies with less than $250 million in revenue from certain reporting requirements. The bill directs the SEC to analyze the costs and benefits of XBRL reporting and provide updates to congressional committees. Despite some opposition citing high costs, the act has favorable support and potential enactment if attached to JOBS legislation.
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H.R. 4164 Small Company Disclosure Simplification Act The Hurt act U.S. House of Representatives
Sponsor: Rep. Hurt (R) Virginia Exempt small companies < $250M from XBRL Directs the SEC to: analyze the costs and benefits of XBRL 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 Main sponsor: Biotechnology Consortium 2014-03-14: ordered to report 51 yea 5 nea. Small probability of (immediate) enactment
Discussions with my Representative Huge costs reported House testimony $35k costs by a small company Many statements of $10k average (U.S.) Unable to get clear picture or straight answers Presentations by complainers are clear Presentations of XBRL one-sided and not clear Only hearing from special interests My representatives all voted in favor (of act)
Will it be enacted Yes, if we do nothing Plan is to attach to JOBS legislation Not so likely for this congress year What I can do Meet with representative staffers regularly
