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H. Rept. 114-399 1 (2016-01-28)

handle is hein.congrecreports/crptxrhv0001 and id is 1 raw text is: AUT-ENTICATED US. GOVERNMENT INFORMATION GP 114TH CONGRESS REPORT 2d Session HOUSE OF REPRESENTATIVES 114-399 SMALL COMPANY DISCLOSURE SIMPLIFICATION ACT JANUARY 28, 2016.-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. 1965] [Including cost estimate of the Congressional Budget Office] The Committee on Financial Services, to whom was referred the bill (H.R. 1965) to exempt smaller public companies from require- ments relating to the use of Extensible Business Reporting Lan- guage for periodic reporting to the Securities and Exchange Com- mission, and for other purpose, having considered the same, report favorably thereon without amendment and recommend that the bill do pass. PURPOSE AND SUMMARY Introduced by Representative Hurt on April 22, 2015, H.R. 1965, the Small Company Disclosure Simplification Act, provides a vol- untary exemption for all Emerging Growth Companies and other issuers with annual gross revenues under $250 million from the Security and Exchange Commission's (SEC's) requirements to file their financial statements in an interactive data format known as eXtensible Business Reporting Language (XBRL). The exemption would extend for either five years or two years after the SEC estab- lishes that the benefits of XBRL to smaller issuers outweigh the costs, whichever occurs first. H.R. 1965 directs the SEC to conduct an economic analysis on the costs and benefits of XBRL to smaller issuers and to report to Congress on the SEC and investors' use of the information. 59-006

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