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

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.