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H.R. 4164 Small Company Disclosure Simplification Act

The H.R. 4164 Small Company Disclosure Simplification Act, dubbed the “Hurt” Act, is sponsored by Rep. Hurt (R-Va.) and aims to exempt small companies with revenues under $250 million from XBRL reporting requirements. It directs the SEC to analyze the costs and benefits of XBRL, reporting findings to Congressional committees. Despite overwhelming support (51-5 vote), the immediate enactment remains uncertain, emphasizing the significant costs reported by small businesses. Stakeholders are encouraged to engage with representatives to advocate for this legislation.

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H.R. 4164 Small Company Disclosure Simplification Act

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  1. H.R. 4164Small Company Disclosure Simplification Act The “Hurt” act U.S. House of Representatives

  2. Sponsor: Rep. Hurt (R) Virginia • Exempt small companies < $250M from XBRL • Directs the SEC to: • analyze the costs and benefits of XBRL • 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 • Main sponsor: Biotechnology Consortium • 2014-03-14: ordered to report 51 yea – 5 nea. • Small probability of (immediate) enactment

  3. Discussions with my Representative • Huge costs reported • House testimony $35k costs by a small company • Many statements of $10k average (U.S.) • Unable to get clear picture or straight answers • Presentations by complainers are clear • Presentations of XBRL one-sided and not clear • Only hearing from special interests • My representatives all voted in favor (of act)

  4. Will it be enacted • Yes, if we do nothing • Plan is to attach to “JOBS” legislation • Not so likely for this congress year • What I can do • Meet with representative staffers regularly

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