H.R. 4164 Small Company Disclosure Simplification Act

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