Transparency International has issued a policy note, in the context of the latest Doha conference on financing for development, backing action against tax havens and supporting the notion of country-by-country reporting. It said
Developed countries must break with business as usual and clamp down on illicit activity enabled by off-shore financial centres and tax havens. Current practices are unacceptable and criminal.
Strong stuff! The key point here is that the focus is put on developed countries, whereas in the past the focus was badly skewed towards getting developing countries to change, and giving the developed nations and tax havens a free pass. In this context their comments on accounting are as important:
Companies, particularly when operating in resource-rich countries, must ensure transparent reporting and information disclosure. This includes country-by-country reporting of operating results.
Quite so. They’re a welcome addition to the support team.