This Policy Statement reports on the main issues arising from Consultation Paper CP14/17 and publishes final rules.
On 26 August 2014 we published a Consultation Paper proposing, at the request of HM Treasury, to align implementation of the country by country reporting requirements set out in Article 6 of the TD (as revised by the TDAD) with parallel rules set out in Chapter 10 of the Accounting Directive 2013/34/EU (AD) (implemented by the Department for Business, Innovation and Skills).
In this Policy Statement, we summarise the feedback we received on CP14/17 and explain our response to this feedback. We have now implemented the new TD requirement for reports on payments to governments and the new requirement will take effect for financial years beginning on or after 1 January 2015. This Policy Statement sets out the rules that have come into force.
These changes will affect:
The new country by country reporting requirements will apply in respect of financial years beginning on or after 1 January 2015. They will affect relevant issuers where the UK acts as home Member State and our DTRs apply. They will also affect listed companies and issuers of securitised derivatives who are required by our Listing Rules to comply with DTR4.
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