July 2010
Christian Aid and ECCR have made a joint submission to the International Accounting Standards Board (IASB) consultation on a country-by-country financial reporting standard for the extractive industries (oil, gas, mining). The importance of country-by-country reporting is increasingly recognised – most recently in the new US Dodd-Frank Wall Street Reform and Consumer Protection Act.
Our submission argues that a fully mandatory and comprehensive standard will increase companies’ accountability to governments and investors by combating aggressive tax avoidance, corruption and non-disclosure of risk, and will support the public interest by enabling civil society in developing countries to better monitor payments to governments as advocated by the Publish What You Pay [4] coalition.
Joint submission [5] (pdf)