Thursday 21 August 2014

UK: Implementation of Chapter ten of the Accounting Directive 2013/34/EU - extractive industry reporting

The Department for Business, Innovation and Skills has published its response to the consultation it recently undertook in respect of the UK's implementation of Chapter ten ("Report on payments to governments") of the EU Accounting Directive 2013/34/EU: see here (pdf). A draft statutory instrument - the Reports on Payments to Governments Regulations 2014 - has also been published: see here (pdf).

It is the Government's intention that those undertakings subject to the Regulations will be required to report on payments made in financial years commencing on or after 1 January 2015. An undertaking is subject to the Regulations if it defined as large, or it is a public interest entity, and it is a mining or quarrying undertaking or a logging undertaking. The definition of undertaking includes limited companies and limited liability partnerships.

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