It’s only an early step in the legislative process,but it’s looking good that “small”public panies won’t have to file financial statements in the XBRL format for at least a five-year period.

The bipartisan Small pany Disclosure Simplification Act passed the House Financial Services mittee by a 51-5vote on Friday,Aounting Today reported.The bill’s -sponsor,Republican Rep.Robert Hurt of Virginia,said it “offers a practical step forward to ensure that our regulatory structure is not disproportionately burdening smaller panies and dis-incentivizing innovate start-ups from aessing the public markets.”

At issue is the st of implementing XBRL,which is actually fairly modest for even very small public panies.XBRL US,the national nsortium whose mission is to support the implementation of the reporting language,puts it at $2,000to $25,000per year —and declining as panies get more familiar with the process.Small public panies have been filing in XBRL for at two years,the nsortium also noted.

But how small is small?The bill’s creative definition of the term would exempt panies with less than $250million in revenue from the reporting requirement.Sixty percent of U.S.public panies fall below that size threshold,XBRL US says.

The exemption would remain in effect for the later of five years or the Securities and Exchange mission’s pletion of an analysis ncluding that the benefits to issuers outweigh the risks.

中文新闻：http://www.xbrl-cn.org/2014/0320/100188.shtml