On Monday, May 21, XBRL US delivered a letter to Congressman David Kustoff, the sponsor of H.R. 5054 and to the members of the U.S. House Financial Services Subcommittee on Capital Markets, Securities and Investments. H.R. 5054 legislation proposes to exempt small companies, defined as those with revenue less than $250 million, from submitting their filing in computer-readable (XBRL) format.
Key points raised in the letter:
- Outlines the benefits of standards for companies, regulators, and investors
- Disputes the notion that exempting small companies from XBRL reporting will reduce small company burden and encourage more companies to go public.
- Disagrees with the suggestion that investors, regulators and other data consumers do not use XBRL-formatted data from public companies.
Upcoming XBRL US Events
GovFin 2026 – A Changing Climate for Municipal Disclosures
Public Review for Version 31 of DQC Rules
AI Technologies Impact on Company Compliance Activities
Center for Data Quality Committee Meeting
Domain Steering Committee Meeting
Communications & Services Steering Committee Meeting
