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Argument for Small-Company Compliance Exemptions

Matt Kelly | June 8, 2015

The phone in my office rang. I answered.

“Hey, it’s me,” said the voice at the other end of the line. It was my guy at a small reporting company. “You need to write more about us small reporting companies!”

My guy at a small reporting company is the CFO of a business with $15 million in annual revenue. It’s listed on the New York Stock Exchange, mostly because the business is majority owned by some wealthy family that wants its assets to have liquidity. With a market cap of barely $25 million, he still needs to comply with all the usual requirements for an NYSE-traded company. So when my guy tells me to write more about small reporting companies—well, that could mean any number of headaches he has.

“XBRL,” my guy said. “It’s killing me. I found this one vendor whose software I use to help me tag the financials in my statements and footnotes, but the cost is $3,000 for one license. I just can’t justify that.”

My guy asked for recommendations on other XBRL...

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