Florida Bill 1073 will require local government financial statements for fiscal years ending on or after September 1, 2022, to be filed in XBRL format and to meet the validation requirements of the relevant taxonomy.
Items tagged with "legislation"
XBRL US strongly opposes Section 411 of Subsection C of Title IV in the Financial CHOICE Act, a provision to exempt small companies from XBRL filing and which will have significant negative repercussions on both Wall Street and Main Street. Read the XBRL US argument on Section 411 in a letter to the House Financial Services Committee.
The Financial Transparency Act, cosponsored by nearly 30 Members of the House of Representatives, will provide a strong mandate for modernization by directing agencies to adopt consistent data standards for the information they are already collecting under securities, commodities, and banking laws. A panel of experts will explain how standardized data fields and formats can […more]
The House Financial Services Committee held a markup session on several proposed bills including H.R. 1965 which calls for an XBRL exemption for small companies under $250 million in revenue. Congressman Keith Ellison proposed two amendments to that bill; neither was taken up by the Committee. Listen to the archived webcast and read the amendments.
The Capital Markets & Government Sponsored Enterprises subcommittee of the House Financial Services committee held a hearing on April 29, 2015 to discuss various legislative proposals designed to enhance capital formation and reduce regulatory burdens including HR 1965, an XBRL exemption for small companies. Language in the new bill is identical to that in HR […more]
Proposed legislation aiming to enhance capital formation and reduce regulatory burden were discussed, including H.R. 1965, an XBRL exemption for small companies. Watch the full hearing and read the written testimony from witnesses here.
XBRL US actively promotes the use of structured data standards in reporting domains where it can benefit stakeholders. Advocacy efforts involve outreach to Congress and to government agencies through comment letters, testimony and recommendations. See below. Securities and Exchange Commission programs: The SEC’s FAST Act Modernization and Simplification of Regulation S-K calls for use of […more]
On March 24, a hearing was held by the Securities, Insurance & Investments subcommittee of the Senate Banking, Housing & Urban Affairs committee on “Capital Formation and Reducing Small Business Burdens”. Speakers included Tom Quaadman of the US Chamber of Commerce, William Spell of Spell Capital Partners, Dr. Marcus Stanley of Americans for Financial Reform (AFR) and John Partigan of Nixon Peabody.
Key elements of the Act: Implementation is to be managed jointly by the U.S. Treasury and the Office of Management and Budget (OMB) and must take place within three years of enactment (2017) Establishes government-wide data standards for the reporting of funds that are made available to and expended by Federal agencies Guidance on the […more]
XBRL US Supports House Decision Not to Pass H.R. 37, Legislation Proposing XBRL Exemption for Small Companies
XBRL US is pleased that the U.S. House of Representatives did not pass H.R. 37 “Promoting Job Creation and Reducing Small Business Burdens Act” in its current form, under suspension of the rules on January 6, 2015. The Act included provisions that would exempt companies with revenue under $250 million from filing in XBRL format. The aim of the bill was to reduce public company costs, however a study by the AICPA and XBRL US shows that an XBRL exemption would result in savings of only $10,000 per year for most small reporting companies. Additionally, the unintended consequence of the XBRL exemption would be to raise the cost of capital for small companies versus large by making it more expensive for investors to extract and analyze small company data.