Small Company Disclosure Simplification Act

Hozzl · 2024-03-14T12:48:50Z

Explore the details of House Bill 4164 Small Company Disclosure Simplification Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

3/14/2024, 12:48 PM

Congressional Summary of HR 4164

Small Company Disclosure Simplification Act - Exempts emerging growth companies and issuers with total annual gross revenues of less than $250 million from the requirements to use Extensible Business Reporting Language (XBRL) for financial statements and other mandatory periodic reporting filed with the Securities and Exchange Commission (SEC). Allows such companies, however, to elect to use XBRL for such reporting.

Directs the SEC to: (1) analyze the costs and benefits to such issuers of the requirements to use XBRL for financial statements and other mandatory periodic reporting; and (2) report to certain congressional committees on the results of such analysis as well as on progress in implementing XBRL reporting within the SEC, and use of XBRL data by the SEC and by investors.

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Current Status of Bill HR 4164

Bill HR 4164 is currently in the status of Bill Introduced since March 6, 2014. Bill HR 4164 was introduced during Congress 113 and was introduced to the House on March 6, 2014. Bill HR 4164's most recent activity was Ordered to be Reported (Amended) by the Yeas and Nays: 51 - 5. as of March 14, 2014

Bipartisan Support of Bill HR 4164

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

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Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 4164

Primary Policy Focus

Finance and Financial Sector

Potential Impact Areas

Administrative law and regulatory proceduresBusiness investment and capitalBusiness recordsCompetition and antitrustCongressional oversightCorporate finance and managementFinancial services and investmentsGovernment studies and investigationsSecuritiesSecurities and Exchange Commission (SEC)Small business

Alternate Title(s) of Bill HR 4164

Small Company Disclosure Simplification ActTo exempt smaller public companies from requirements relating to the use of Extensible Business Reporting Language for periodic reporting to the Securities and Exchange Commission, and for other purposes.Small Company Disclosure Simplification Act

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