Thursday, October 30, 2014

#XBRL at Work

by: Paul C. Bevins, Account Executive

In the past year, Congress has tried on three occasions to pass legislation that would reduce the “XBRL burden” that some speculate is especially onerous for small business. The “Promoting Job Creation and Reducing Small Business Burdens Act” (H.R. 5405) includes language that would put the requirement to file XBRL on hold for all filers that make less than $250 million dollars each year (businesses that Congress considers to be “small”). This would effectively eliminate the requirement for about sixty percent of U.S. filers, rendering years of learning curve and the potential data set analysis useless as the data would be vastly incomplete.