{"id":15458,"date":"2012-05-08T09:46:51","date_gmt":"2012-05-08T08:46:51","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=15458"},"modified":"2012-05-08T09:46:51","modified_gmt":"2012-05-08T08:46:51","slug":"the-icaew-opposes-country-by-country-reporting-and-all-the-benefits-it-can-bring","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2012\/05\/08\/the-icaew-opposes-country-by-country-reporting-and-all-the-benefits-it-can-bring\/","title":{"rendered":"The ICAEW opposes country-by-country reporting – and all the benefits it can bring"},"content":{"rendered":"

I have been sent lobbying materials submitted by the\u00a0Institute of Chartered Accountants in England and Wales to interested parties in Europe on\u00a0country-by-country reporting, amongst other things.<\/p>\n

The European Commission has proposed that a very limited form of\u00a0country-by-country reporting for the extractive industries be included in the revised EU\u00a0Transparency\u00a0Directive. The ICAEW's response is:<\/p>\n

\"\"<\/a><\/p>\n

There are two ways of construing this. The first is that they are wilfully ignorant of the purpose of\u00a0financial statements, which are not, despite their claim solely for the use of markets. They are also intended for the use of 'other users' - a fact they ignore, presumably\u00a0purposely. It is\u00a0scandalous\u00a0that the ICAEW think that accounts should only serve market interests. It shows how\u00a0corrupted\u00a0the\u00a0organisation\u00a0is that it has\u00a0reached\u00a0this low point.<\/p>\n

Second, they are\u00a0undoubtedly\u00a0ignorant of the use of\u00a0country-by-country reporting data<\/a>. It has vastly wider use than the deliberate misrepresentation that they apply to it. Amongst other things that data is intended to:<\/p>\n

    \n
  1. Tackle corruption;<\/li>\n
  2. Tackle\u00a0governance\u00a0risk;<\/li>\n
  3. Report\u00a0on geographic risk;<\/li>\n
  4. Provide enhanced data on tax risk;<\/li>\n
  5. Reveal likely tax haven risk;<\/li>\n
  6. Provide information on trade flows and vertical supply chain risks;<\/li>\n
  7. Provide labour data to assist determination of\u00a0employment\u00a0policy risk;<\/li>\n
  8. Give information on risk with regard to sanctions compliance;<\/li>\n
  9. Disclose the true nature of a company's social responsibility;<\/li>\n
  10. Give an indication of the company's commitment to development.<\/li>\n<\/ol>\n

    But apparently none of these matter to the ICAEW.<\/p>\n

    It's literally a scandalous\u00a0abrogation\u00a0of responsibility on their part that they can make such claims. This member is ashamed of them. I hope others are too.<\/p>\n","protected":false},"excerpt":{"rendered":"

    I have been sent lobbying materials submitted by the\u00a0Institute of Chartered Accountants in England and Wales to interested parties in Europe on\u00a0country-by-country reporting, amongst other
     Read the full article…<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-15458","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/15458","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=15458"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/15458\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=15458"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=15458"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=15458"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}