As country by country reporting (CbCR) of tax information picks up momentum through a series of initiatives internationally, the Federation of European Accountants (FEE) has released a template proposal to help businesses be compliant with CbCR requirements.
The template outlines the basic information for businesses to disclose when issuing a CbC report and aims to minimise the cost of preparation (by using readily available information) and the risk of disclosing economically sensitive information whilst providing useful information to stakeholders.
The template can be accessed here: Country-by-country reporting template proposal
EFRAG and Korean Accounting Standards Board (KASB) first joint meeting
The European Financial Reporting Advisory Group (EFRAG) and the Korean Accounting Standards Board (KASB) held their first joint meeting to share information about their respective organisations as a prelude to developing a closer working relationship.
The main topic of conversation was the International Accounting Standards Board (IASB) Conceptual Framework project and in particular in relation to measurement. Both EFRAG and KASB expressed their support of further guidance being provided in this area.