Items tagged with "legislation"
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.
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.
GREAT Act The Grants Reporting Efficiency and Transparency (GREAT) Act, signed into law December 30, 2019, mandates data standards for federal awards by 2022; and for Single Audit data by 2023. The Act states that data standards shall: “…render information reported by recipients of Federal awards fully searchable and machine-readable; be nonproprietary; incorporate standards developed […more]
XBRL US, the national consortium for XBRL business information reporting, announced today that it strongly disagreed with H.R. 4164, proposed legislation which would exempt small companies from filing financial statement data to the U.S. Securities and Exchange Commission (SEC) in XBRL format for five years. Small company is defined as any entity with under $250 […more]
XBRL US Supports the Use of Data Standards in the Children and Family Services Innovation and Improvement Act
The Act, H.R. 2883, was signed by President Obama on September 30, 2011 NEW YORK, Oct. 3, 2011 /PRNewswire/ — XBRL US, the nonprofit consortium for XBRL standards, today announced its strong support for the requirement that data standards be used in reporting by states on how they spend child welfare funds received from the […more]
Reports technology standard is real, ready and relevant in current financial crisis March 11, 2009, Washington, DC – XBRL US reported today to the Domestic Policy Subcommittee hearing of the Oversight and Government Reform Committee. The hearing, on the Treasury Department’s oversight of the use of funds by financial institutions under the Troubled Asset Relief […more]
The most significant, long-standing XBRL programs in the U.S. are regulatory implementations, mandated by the U.S. Securities Exchange Commission (SEC) and the Federal Financial Institutions Examination Council (FFIEC). Compliance FDIC Reporting The FFIEC program, initiated in 2005, requires over 6,000 banks to provide their call report financial data in XBRL format.The FFIEC now also collects […more]