Fostering Innovation Act of 2017

Bill: 115-hr-1645
Sponsor: Rep. Sinema, Kyrsten [D-AZ-9]
Introduced: 2017-03-21 in the House
Policy area: Finance and Financial Sector
Subjects: Accounting and auditing
Business records
Government information and archives
Securities

Summary:
action_date: 2017-03-21
text: 

Fostering Innovation Act of 2017

 
This bill amends the Sarbanes-Oxley Act of 2002 to establish a temporary exemption 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. 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 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. 

 
An issuer shall cease to be eligible for the exemption at the earliest of: (1) the last day of the fiscal year following the 10th anniversary 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. 

action_date: 2017-11-28
text: 

Fostering Innovation Act of 2017

 
This bill amends the Sarbanes-Oxley Act of 2002 to establish a temporary exemption 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. 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 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. 

 
An issuer shall cease to be eligible for the exemption at the earliest of: (1) the last day of the fiscal year following the 10th anniversary 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. 


Legislative actions:
action_date: 2017-11-28
text: Placed on the Union Calendar, Calendar No. 315.
action_date: 2017-11-28
text: Reported by the Committee on Financial Services. H. Rept. 115-425.
action_date: 2017-11-28
text: Reported by the Committee on Financial Services. H. Rept. 115-425.
action_date: 2017-10-12
text: Ordered to be Reported by the Yeas and Nays: 48 - 12.
action_date: 2017-10-12
text: Committee Consideration and Mark-up Session Held.
action_date: 2017-10-11
text: Committee Consideration and Mark-up Session Held.
action_date: 2017-03-21
text: Referred to the House Committee on Financial Services.
action_date: 2017-03-21
text: Introduced in House
action_date: 2017-03-21
text: Introduced in House