XBRL HR 37 Exemption for Small Companies Rejected

On the second day of the year, U.S. House of Representatives failed to pass HR 37, “Promoting Job Creation and Reducing Small Business Burdens Act”. HR 37 would have exempted small public companies with under $250 million in annual revenue from filing in XBRL. The focus of the bill was to mitigate the costs public companies encountered with XBRL filings. The SEC is now sending comment letters to public filers who submitted XBRL filings that were incomplete and/or inaccurate.

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Dan Carter
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