New proposals may expose corruption in resource rich nations
Proposed accounting rules which may force mining and oil companies to publish how much they pay corrupt regimes don’t go far enough according to a humanitarian group campaigning for greater international corporate transparency.
The Publish What You Pay (PWYP) coalition, which wants mining and oil companies to publish how much they pay individual governments in royalties, taxes, bonuses and license fees, said new accounting proposals on the subject are too cautious.
The International Accounting Standards Board (IASB) yesterday released a discussion paper which may force companines involved in extractive industries to break down their costs and revenue on a country-by-country basis, and publish the figures in their financial statements.
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