I have written an article for AccountingWEB today on tomorrow's IASB meeting at which they will be discussing Publish What You Pay's submission on segment reporting.
Because you cannot access AccountingWEB unless you register, and not everyone wants to, the article is also available here.
I won't reproduce the whole argument here - but the first paragraph says:
The International Accounting Standards Board (IASB) has a chance to do something really powerful this week. It could with one decision do more for development than Live Aid or Live 8 achieved, outdo Bono, make tax evasion and corruption a great deal harder, help increase the tax revenues of most of the poor nations of the world and so bring real relief to their people and begin the end of aid dependency.
Of course, you could accuse me of overstating my case. I wrote the proposal after all.
But I'll be honest. If anything I think I'm underplaying the benefits.
I'll be at the meeting tomorrow. I just wish I was more optimistic.
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As you mention performing artists Richard, I have always found it bemusing that so many wealthy performing artists promote ‘this lets help everyone’ image, whilst in reality ensuring they pay as little tax as possible.
To your point, I hate to say this but I think I agree with you Richard. Large corporations have for many years run themselves like dictatorial countries, no one ever to sure about what is going on.
Higher tax rates in every country are a result of everyone not paying their fair share. If more accountability and transparent tax regimes were adopted and everyone had to pay their fair share, then surely the knock on effect is tax rates could fall.
Okay, I know the above would mean maybe the shareholders get smaller dividends, but hey, maybe they should look at how much the CEO is earning?
[…] The IASB could do something amazing tomorrow […]