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.
| Action Date | Type | Text | Source |
|---|---|---|---|
| 2014-03-14 | Committee | Ordered to be Reported (Amended) by the Yeas and Nays: 51 - 5. | House committee actions |
| 2014-03-14 | Committee | Committee Consideration and Mark-up Session Held. | House committee actions |
| 2014-03-06 | IntroReferral | Referred to the House Committee on Financial Services. | House floor actions |
| 2014-03-06 | IntroReferral | Introduced in House | Library of Congress |
| 2013-10-23 | Committee | Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Introduction and Referral. | House committee actions |