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.