1. Short title This Act may be cited as the Small Company Disclosure Simplification Act of 2018 . 2. Exemption from XBRL requirements for emerging growth companies and other smaller companies (a) Exemption for emerging growth companies Emerging growth companies are exempted from the requirements to use Extensible Business Reporting Language (XBRL) for financial statements and other periodic reporting required to be filed with the Commission under the securities laws. Such companies may elect to use XBRL for such reporting. (b) Exemption for other smaller companies Issuers with total annual gross revenues of less than $250,000,000 are exempt from the requirements to use XBRL for financial statements and other periodic reporting required to be filed with the Commission under the securities laws. Such issuers may elect to use XBRL for such reporting. An exemption under this subsection shall continue in effect until— (1) the date that is five years after the date of enactment of this Act