EU Accounting Directive: extractive industries reporting
Consultation on the options for implementing new reporting requirements on large companies engaged in the extractive industries.
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 extractivesconsultation@bis.gsi.gov.uk.