ARTICLE
30 July 2014

Accounting Directive: Supplement To Consultation On Implementation On Extractive Industries Reporting Requirements

AO
A&O Shearman

Contributor

A&O Shearman was formed in 2024 via the merger of two historic firms, Allen & Overy and Shearman & Sterling. With nearly 4,000 lawyers globally, we are equally fluent in English law, U.S. law and the laws of the world’s most dynamic markets. This combination creates a new kind of law firm, one built to achieve unparalleled outcomes for our clients on their most complex, multijurisdictional matters – everywhere in the world. A firm that advises at the forefront of the forces changing the current of global business and that is unrivalled in its global strength. Our clients benefit from the collective experience of teams who work with many of the world’s most influential companies and institutions, and have a history of precedent-setting innovations. Together our lawyers advise more than a third of NYSE-listed businesses, a fifth of the NASDAQ and a notable proportion of the London Stock Exchange, the Euronext, Euronext Paris and the Tokyo and Hong Kong Stock Exchanges.
On 2 May 2014, BIS published a paper giving supplementary information on the government’s consultation on the implementation of the extractive reporting requirements.
United Kingdom Accounting and Audit

On 2 May 2014, BIS published a paper giving supplementary information on the government's consultation on the implementation of the extractive reporting requirements in Chapter 10 of the EU Accounting Directive, which was launched on 28 March 2014. The paper provides an update on issues that have been raised in responses to the consultation. BIS has clarified that:

  • the definition of "mining or quarrying undertaking" in the draft Reports on Payments to Governments Regulations 2014 will be amended following the consultation to bring it in closer alignment with the Accounting Directive; and
  • the government intends to consider how to amend the draft regulations to make it clear that parent companies are required to prepare a report for any of its subsidiaries undertaking extractive activities that are within scope, and intends to amend the regulations to make it clear that all relevant undertakings within a group would fall in scope regardless of the location.

The supplementary information to the consultation paper is available at:

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/307982/bis-14-786-uk-implementation-eu-accounting-directive__-_supplementary_information.pdf

The consultation paper is available at:

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/299454/bis-14-622-uk-implementation-of-the-eu-accounting-directive-chapter-10-extractive-industries-reporting-consultation.pdf

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More