On 4 June 2021, the Council of the European Union (the
"Council") published the terms of a draft European
directive on a new public country-by-country reporting regime. The
Directive, which amends the Accounting Directive 2013/34/EU,
represents the compromise position agreed between negotiating teams
of the European Parliament and Council on 1 June 2021.
This Directive will require certain multinational enterprises
(whether headquartered in the EU or outside) and standalone
undertakings with a total consolidated revenue of more than EUR 750
million (USD 915 million) in each of the last two consecutive
financial years to publicly disclose certain information in respect
of its activities in each EU member state, as well as in certain
third countries.
