OECD Documentation, CBC Reporting Requirements Elevate Importance of Preparation in IT and Controllership Processes

May 2014
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OECD Documentation, CBC Reporting Requirements Elevate Importance of Preparation in IT and Controllership Processes

At a glance

In this Bloomberg BNA article, PwC authors, David Nickson, David Ernick & Elizabeth Sweigart, discuss readiness for the Organisation for Economic Co-operation and Development's (OECD) proposal for country-by-country (CBC) reporting and how multinationals can prepare.

Proposed new documentation standards from the Organization for Economic Cooperation and Development will require multinational enterprises to report financial information across jurisdictions in ways they have never been expected to do in the past. These proposals raise questions about the capacity of corporate information systems and controllership processes to generate the level of financial detail that the OECD believes should be readily available to multinational taxpayers. In this article, the authors urge multinationals to assess their readiness to respond to the proposed new reporting requirements and to prepare to adopt changes in internal processes to meet those demands.