On Wednesday, June 6, 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 Committee. The letter was sent prior to a markup of H.R. 5054 scheduled for June 7, to express concerns over the XBRL exemption for small companies in the bill. The legislation proposes to exempt small companies, defined as those with revenue less than $250 million, from submitting their filing in computer-readable (XBRL) format.
The letter provides preliminary findings from an XBRL pricing study conducted by the AICPA and XBRL US that found that the cost of XBRL preparation for small companies has declined 41% from 2014, the year when the study was first conducted.