The Extractive Sector Transparency Measures Act, or ESTMA, introduces new and complex reporting requirements for oil and gas, and mining organizations engaged in commercial development in Canada and abroad.
To achieve full compliance, early preparation is crucial to ensure the effective design of rigorous controls and processes to capture payments as they occur.
How we can help
We combine PwC’s proprietary data solution, ESTMA experience and market leadership to provide our clients with a comprehensive end-to-end solution, easing the burden of ESTMA reporting and making sure management is confident in its filing.
Explore the insights below from our ESTMA experts. Check back often, we’ll keep you informed of key updates and next steps.
Need more in depth information and assistance? Don’t hesitate to contact us.
Your local PwC professionals in the oil and gas, and mining industries are eager to assist you by applying our hands-on experience working with government bodies around the globe. We can assist you in reviewing the guidance, assessing year one reporting (including potential re-filing) and preparing for year two reporting.
Many reporting entities’ reports have now been posted on Natural Resources Canada’s (NRCan’s) website, and concerns over inaccurate and incomplete filings have been noted.
To prepare for the second year of reporting, organizations need to reassess their first-year filings for errors and omissions based on the updated guidance and new information provided by NRCan. The Regulator has provided its observations for improvement and insight into its objectives on enforcement, including fines and penalties.
PwC has developed the ESTMA Hub, a proprietary tool that helps companies to streamline reporting by providing a report format summary of a company’s payments.
Using the company’s General Ledger and Accounts Payable information as the starting point, as well as a company’s mapping of legal entities, payment categories, projects and vendors, ESTMA Hub provides a report in Microsoft Excel which can be used as the basis for a company’s ESTMA reporting.
Links the accounting system and the payment categories per the ESTMA Act
Links to payees and projects
A streamlined approach to ESTMA reporting that reduces internal time commitment and increases accuracy and auditability
Seamless conversion of accrual-based financial information to cash and gross basis (including for joint ventures)
The ability to review and challenge your results using interactive geospatial visualizations
Systematic identification of payments to Aboriginal groups where you operate
Timely and secure cloud-based access to your data and reporting
Flexible and easy to use
Cost effective and automated
Data validation functionality to assist in completeness of reporting
Our ESTMA webinars are led by technical experts from across PwC’s national mining and oil & gas practices and tackles core issues such as:
Senior Manager, Accounting Advisory Services
Tel: +1 403 509 7517
Manager, Accounting Advisory Services
Tel: +1 403 509 6679
Tel: +1 416 941 8247
Director, Data Assurance and Analytics
Tel: +1 416 869 2416