Fostering Innovation Act of 2015

Bill: 114-hr-4139
Sponsor: Rep. Sinema, Kyrsten [D-AZ-9]
Introduced: 2015-12-01 in the House
Policy area: Finance and Financial Sector
Subjects: Accounting and auditing
Business records
Government information and archives
Securities

Summary:
action_date: 2015-12-01
text: 

Fostering Innovation Act of 2015 

 
This bill amends the Sarbanes-Oxley Act of 2002 with respect to 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.
 
This requirement shall not apply with respect to any audit report prepared for an issuer that:
 
 
 ceased to be an emerging growth company on the last day of its fiscal year following the fifth anniversary 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.


action_date: 2016-05-23
text: 
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
 

Fostering Innovation Act of 2015 

 
(Sec. 2) This bill amends the Sarbanes-Oxley Act of 2002 with respect to 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 issuer's management.
 
This requirement shall not apply with respect to any audit report prepared for an issuer that:
 
 
 ceased to be an emerging growth company on the last day of its fiscal year following the fifth anniversary 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.
 
 
This temporary exemption for low-revenue issuers shall expire upon the earliest of:
 
 
the last day of the issuer's fiscal year following the tenth anniversary of its first sale of common equity securities pursuant to an effective registration statement under the Securities Act of 1933,
 
the last day of the issuer's fiscal year during which the issuer's average annual gross revenues exceed $50 million, or 
 
the date upon which the issuer becomes a large accelerated filer. 
 


Legislative actions:
action_date: 2016-05-24
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2016-05-23
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2016-05-23
text: On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H2907)
action_date: 2016-05-23
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.(text: CR H2907)
action_date: 2016-05-23
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 4139.
action_date: 2016-05-23
text: Considered under suspension of the rules. (consideration: CR H2907-2910)
action_date: 2016-05-23
text: Mr. Luetkemeyer moved to suspend the rules and pass the bill.
action_date: 2016-05-23
text: Placed on the Union Calendar, Calendar No. 458.
action_date: 2016-05-23
text: Reported by the Committee on Financial Services. H. Rept. 114-588.
action_date: 2016-05-23
text: Reported by the Committee on Financial Services. H. Rept. 114-588.
action_date: 2016-03-02
text: Ordered to be Reported by the Yeas and Nays: 42 - 15.
action_date: 2016-03-02
text: Committee Consideration and Mark-up Session Held.
action_date: 2015-12-02
text: Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.
action_date: 2015-12-01
text: Referred to the House Committee on Financial Services.
action_date: 2015-12-01
text: Introduced in House
action_date: 2015-12-01
text: Introduced in House