EU Accounting Directive: extractive industries reporting
This was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government
This consultation has concluded
Download the full outcome
UK implementation of the EU Accounting Directive: Chapter 10 - extractive industries reporting, government response to consultation
Ref: BIS/14/1006 PDF, 139KB, 22 pages
Ref: BIS/14/1024 PDF, 268KB, 28 pages
Ref: BIS/14/1019 PDF, 109KB, 14 pages
Detail of outcome
The government response sets out how the government will implement chapter 10 of the Accounting Directive (2013/34/EU) requirements in the UK. The government has decided that:
- in line with the Prime Minister’s G8 commitment we will introduce regulations later in 2014
- companies will be required to report payments to governments for financial years from 1 January 2015
- the regulations will detail the penalty regime, which is based on existing offences in the Companies Act 2006
The regulations remain subject to drafting and technical changes. We are publishing them for information and to support the Financial Conduct Authority’s upcoming consultation on rule changes to implement Directive 2013/50/EU on transparency.
Detail of feedback received
We received 31 responses including 8 letters of support for the response from Publish What You Pay UK.
This consultation ran from
Consultation on the options for implementing new reporting requirements on large companies engaged in the extractive industries.
UK implementation of the EU Accounting Directive: Chapter 10: extractive industries reporting - consultation
Ref: BIS/14/622 PDF, 437KB, 50 pages
UK implementation of the EU Accounting Directive: Chapter 10: extractive industries reporting - consultation response form
Ref: BIS/14/622RF MS Word Document, 96.5KB
UK implementation of the EU Accounting Directive: Chapter 10: extractive industries reporting - impact assessment
Ref: BIS/14/669 PDF, 269KB, 25 pages
UK implementation of the EU Accounting Directive: Chapter 10: extractive industries reporting - supplementary information
Ref: BIS/14/786 PDF, 41.4KB, 4 pages
This consultation is relevant to:
- large UK registered extractives companies active in the mining, gas, oil and logging of primary forest sectors
- UK listed extractives companies
- civil society organisations with an interest in extractives transparency
The European Union recently introduced new reporting requirements for large companies operating in the extractive industries - that is those engaged in the mining, oil, gas and forestry sectors and logging of primary forests. The requirements are set out in chapter 10 of the new Accounting Directive (2013/34/EU). These requirements support the government’s ambition for strong extractives reporting.
This consultation seeks views on the proposed options for implementation of extractives reporting requirements. Comments on the obligation imposed on listed extractives companies by the Transparency Directive and on the interaction between the Accounting and Transparency Directives are also welcomed.
The European Commission has published its consultation on equivalency. The consultation closes on 10 October 2014 and responses may be sent directly to the Commission and copied to email@example.com.
Published: 28 March 2014
Updated: 21 August 2014
- Government response, impact assessment and draft regulations published.
- Added public feedback to the consultation.
- UK Implementation of the EU Accounting Directive Chapter 10: Extractive industries reporting - supplementary information added to consultation
- Added details of a familiarisation event at BIS in support of the consultation.
- First published.