U.S. to Accept Canadian Resource Transparency Reports | KPMG | CA

U.S. to Accept Canadian Resource Transparency Reports

U.S. to Accept Canadian Resource Transparency Reports

Oil, gas and mining companies operating in Canada filing annual transparency reports may be able to use that same report to meet new U.S. requirements

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U.S. to Accept Canadian Resource Transparency Reports

The U.S. Securities and Exchange Commission (SEC) recently unveiled new U.S. transparency reporting requirements similar to Canada’s Extractive Sector Transparency Measures Act (ESTMA), which require Canadian resource companies to report tax and other payments they make to Canadian and foreign governments. In its announcement of the new reporting regime, the SEC indicated that reports prepared to meet the Canadian ESTMA rules and the European Union (EU) Accounting and Transparency Directives will also comply with the new U.S. transparency reporting requirements, subject to certain conditions. As a result, affected resource companies that would be subject to both the ESTMA and SEC transparency regimes may not have to prepare separate reports for each jurisdiction.

 

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