The Extractive Sector Transparency Measures Act, or ESTMA, introduces new and complex reporting requirements for mining, oil and gas 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.
There are several factors to consider to set your organization up for success for the first year of required reporting.
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 & 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, preparing a readiness assessment and/or incorporating ESTMA into your company’s reporting.
Natural Resources Canada released their final ESTMA guidance, technical reporting specifications and reporting templates on March 1, 2016 through its newly launched website.
Key updates include:
Companies are encouraged to review the guidance soon and incorporate the impacts into the company’s ESTMA project plan. Fines for non-compliance are up to $250,000 per day per offence and entities as well as officers and directors could be charged with multiple offences arising out of a single event.
Our ESTMA webinars are led by technical experts from across PwC’s national mining and oil & gas practices and tackles core issues such as: