Insight
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8 Pages

Reporting government payments: a guide to the regulations


Reporting government payments: a guide to the regulations

Report summary

North American and European extractive industry companies will soon be required to produce detailed reports of their payments to host governments. The cost of preparing the reports will run into millions of dollars for larger companies. The regulations raise several issues, both for companies preparing the reports and those that will scrutinise them, such as NGOs. This Insight analyses the issues and pitfalls surrounding this new initiative to increase transparency in the extractive industries.

What's included?

This report includes 1 file(s)

  • Reporting government payments: a guide to the regulations PDF - 412.95 KB 8 Pages, 1 Tables, 3 Figures

Description

This Upstream Oil and Gas Insight report highlights the key issues surrounding this topic, and draws out the key implications for those involved.

This report helps participants, suppliers and advisors understand trends, risks and issues within the upstream oil and gas industry. It gives you an expert point of view to support informed decision making.

Wood Mackenzie's 500 dedicated analysts are located in the markets they cover. They produce forward-looking analysis at both country and asset level across the globe, backed by our robust proprietary database of trusted research.

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  • Executive Summary
  • Key events in the development of disclosure regulations
  • Origins of government payment disclosure: EITI
  • Legislative History
    • July 2010: US enacts Wall Street Reform and Consumer Protection Act (‘the Dodd-Frank Act’)
    • August 2012: US enacts SEC final rules
    • June 2013: EU enacts Accounting Directive
    • July 2013: API court case (US)
    • December 2013: Norway enacts transparency legislation
    • November 2014: UK enacts EU Accounting Directive
    • December 2014: Canada enacts extractive sector transparency legislation
    • December 2014: France enacts EU Accounting Directive
  • Summary of Legislative Requirements
  • Conflict of law
  • Issues facing the preparers of the reports
  • Issues facing the users of the reports
  • Compliance Costs
  • Conclusions
  • References

In this report there are 4 tables or charts, including:

  • Executive Summary
  • Key events in the development of disclosure regulations
    • Reporting government payments: a guide to the regulations: Image 1
  • Origins of government payment disclosure: EITI
    • Reporting government payments: a guide to the regulations: Image 2
  • Legislative History
  • Summary of Legislative Requirements
    • Reporting government payments: a guide to the regulations: Table 1
  • Conflict of law
  • Issues facing the preparers of the reports
  • Issues facing the users of the reports
    • Figure 1 - Distribution of ownership of commercial ventures in Angola, Indonesia and Nigeria
  • Compliance Costs
  • Conclusions
  • References
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