US HB3886 | 2019-2020 | 116th Congress

Status

Spectrum: Bipartisan Bill
Status: Introduced on July 23 2019 - 25% progression, died in committee
Action: 2019-07-23 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]

Summary

Establishes a temporary exemption from the requirement that each registered public accounting firm that prepares or issues an audit report for an issuer of securities (other than an emerging growth company) shall attest to, and report on, the internal control assessment made by the management of the issuer. Specifically, this requirement shall not apply with respect to an audit report prepared for an issuer that ceased to be an emerging growth company on the last day of its fiscal year following the five-year period beginning on the date of its first sale of common equity securities, had average annual gross revenues of less than $50 million as of its most recently completed fiscal year, and is not a large accelerated filer. An issuer shall cease to be eligible for the exemption at the earliest of (1) the last day of the fiscal year following the 10-year period beginning on the date of its first sale of common equity securities, (2) the last day of the fiscal year in which its average annual gross revenues exceed $50 million, or (3) when the issuer becomes a large accelerated filer.

Tracking Information

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Title

Fostering Innovation Act of 2019

Sponsors


History

DateChamberAction
2019-07-23HouseReferred to the House Committee on Financial Services.
2019-07-23HouseIntroduced in House

Same As/Similar To

SB452 (Related) 2019-02-12 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Subjects


US Congress State Sources


Bill Comments

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