The House of Commons Business, Innovation and Skills Committee ("BIS") published a consultation paper on the UK's implementation of Chapter 10 of the EU Accounting Directive, which requires large extractive companies and all listed extractive companies to publicly report on the payments they make to governments across the world. Information must be provided on both a country and project basis. Since the content of the report is fixed by the Directive, BIS is consulting on the format and frequency of the reports and the enforcement regime surrounding these requirements.
Responses to the consultation are requested by 16 May 2014. The government intends to publish its response within 12 weeks of that date and introduce the implementing regulations later this year.
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
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