XBRL Exemptions Pass through the House, Move to Senate
The House of Representatives earlier last week, with support on both sides of the aisle, passed legislation that exempts roughly 60% of all public companies from the Securities and Exchange Commission’s (SEC) XBRL (eXtensible Business Reporting Language) requirements. HR 37 mainly deals with changes to the Dodd-Frank Wall Street Reform and Consumer Protection Act, including the requirement for public companies to file with the SEC in XBRL format, which was set in 2009. Entitled the Promoting Job Creation and Reducing Small Business Burdens Act, HR 37 was introduced last January by Rep. Mike Fitzpatrick (R-PA) to reduce regulation on companies…