Overview
OECD Releases Additional Guidance on Country-by-Country Reporting, Common Reporting Standard FAQs: The Organization for Economic Cooperation and Development (OECD) released additional guidance for implementation of Action 13 (Country-by-Country Reporting). The guidance clarifies several interpretation issues related to the data to be included in the country-by-country report as well as to the application of the model legislation contained in the Action 13 report. The specific issues addressed are: (1) definition of revenues; (2) definition of related parties; (3) accounting principles/standards for determining the existence of and membership of a group; (4) treatment of major shareholdings; (5) definition of total consolidated group revenue; and (6) transitional filing options for multinational enterprises (MNEs).
The OECD also released a series of updated frequently asked questions (FAQs) on the application of the Common Reporting Standard (CRS). The FAQs were received from business and government delegates; the answers to the FAQs are intended to clarify the CRS and to assist in ensuring consistency in implementation.