PracticeAuditCharities win IASB concessions

Charities win IASB concessions

Standards board to reconsider country-by-country reporting, setting up a working party to look at the issue

The International Accounting Standards Board has taken a step towards
considering anti-poverty campaigners fighting for multinationals to report their
accounts geographically, announcing a group to consider the issues.

The move follows months of campaigning by charity coalition Publish What You
Pay, which want companies to make greater disclosure of their tax payments on a
country-by-country basis.

Accountant Richard Murphy, who helped draft the organisation’s submission to
the IASB, said the latest move by the IASB was ‘good news’.

He welcomed the IASB’s recognition that the information disclosure requested
by the coalition would be of value for investors, stakeholders and society at
large.

‘We are however worried that the IASB made no mention during the discussion
of a willingness to engage with Publish What You Pay and the NGOs that sponsor
it when considering this issue. We think this dialogue is vital because it is
clear from the discussion that not all members understood the importance or
relevance of the requests we have made,’ Murphy said.

The Board, which regulates accounting standards for about 60 countries,
agreed this week to set up a working party to engage with the issue and to
consult the UN, IMF, World Bank and their trustees.

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