Definition of EU directives on accounting and transparency

The EU Directives on Accountancy and Transparency includes rules which comprise one of a number of transparency initiatives (see also Dodd-Frank, and CRD IV),

The rules in the Accounting Directive are aimed at certain EU entities active in the extractives and logging industries, and will require various payments to governments to be reported on a country by country basis. Domestic legislation to implement the terms of the directive into the law of individual Member States should have been enacted by 20 July 2015, though not all States met this deadline. In the UK, reporting is required for financial years beginning on or after 1 January 2015.

The Transparency Directive extends the provisions of the Accounting Directive to all companies in the extractives and logging sector that are listed on recognised exchanges in the EU, irrespective of their country of incorporation or registration. Again, legislation to transpose this into the domestic law of Member States should have been enacted in 2015. [1]

 

 

FT Articles & Analysis

No articles are associated with this term