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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:
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.
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