Sec. 411. Exemption from XBRL requirements for emerging growth companies and other smaller companies
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/bill/115/hr/10/ih/section-411A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Emerging growth companies are exempted from the requirements to use Extensible Business Reporting Language
(XBRL)for financial statements and other periodic reporting required to be filed with the Commission under the securities laws. Such companies may elect to use XBRL for such reporting. Issuers with total annual gross revenues of less than $250,000,000 are exempt from the requirements to use XBRL for financial statements and other periodic reporting required to be filed with the Commission under the securities laws. Such issuers may elect to use XBRL for such reporting. An exemption under this subsection shall continue in effect until— the date that is five years after the date of enactment of this Act; or the date that is two years after a determination by the Commission, by order after conducting the analysis required by section 3, that the benefits of such requirements to such issuers outweigh the costs, but no earlier than three years after enactment of this Act. Not later than 60 days after the date of enactment of this Act, the Commission shall revise its regulations under parts 229, 230, 232, 239, 240, and 249 of title 17, Code of Federal Regulations, to reflect the exemptions set forth in subsections
(a)and (b).