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![handle is hein.congrecreports/crptxaccc0001 and id is 1 raw text is: AUT-ENTICATED
U.S.GOVERNMENT
INFORMATION
115TH CONGRESS REPORT
2d Session HOUSE OF REPRESENTATIVES 115-1094
SMALL COMPANY DISCLOSURE SIMPLIFICATION ACT OF
2018
DECEMBER 21, 2018.-Committed to the Committee of the Whole House on the State
of the Union and ordered to be printed
Mr. HENSARLING, from the Committee on Financial Services,
submitted the following
REPORT
together with
MINORITY VIEWS
[To accompany H.R. 5054]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (H.R. 5054) to provide an exemption for emerging growth com-
panies and other smaller companies from the requirements to use
Extensible Business Reporting Language (XBRL) for financial
statements and other periodic reporting, and for other purposes,
having considered the same, report favorably thereon without
amendment and recommend that the bill do pass.
PURPOSE AND SUMMARY
On February 15, 2018, Representative David Kustoff introduced
H.R. 5054, the Small Company Disclosure Simplification Act of
2018. H.R. 5054 provides a voluntary exemption for all Emerging
Growth Companies (EGCs) and other issuers with annual gross
revenues under $250 million from the U.S. Securities and Ex-
change Commission's (SEC) requirements to file their financial
statements in an interactive data format known as eXtensible Busi-
ness Reporting Language (XBRL). The exemption will be for either
five years or two years after the SEC establishes that the benefits
of XBRL to smaller issuers outweigh the costs, whichever occurs
first. The bill also directs the SEC to conduct an economic analysis
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