Michigan Governor Whitmer signed off on House Bill No. 5783 which includes appropriations for fiscal years 2022 and 2023. The bill includes funding for Michigan State Treasury to work in partnership with a public university located in Michigan to develop an IT strategy focusing on machine-readable financial disclosures for local units of government, and that […more]
Items tagged with "legislation"
The state of Illinois introduced House Resolution (HR 0703) on February 4, 2020, to encourage the use of XBRL for financial reporting by local governments within the state. The resolution notes: “Will County Auditor Duffy Blackburn has been the first county official in the country to publish the county’s Comprehensive Annual Financial Report (CAFR) for […more]
XBRL US opposes H.R. 5054 & presents findings from new study showing 41% decline in XBRL costs to small public companies in letter to House Financial Services Committee.
XBRL US strongly opposes HR 5054, a proposal to exempt small companies from XBRL filing, in a letter delivered to the members of the U.S. House Financial Services Committee Subcommittee on Capital Markets, Securities and Investments.
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.
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.