The OECD on November 30 released guidance approved by the Inclusive Framework on BEPS designed to assist tax administrations and multinationals on the implementation of country-by-country reporting pursuant to OECD/G20 base erosion profit shifting (BEPS) Action 13.
The guidance addresses how to report amounts taken from financial statements prepared using fair value accounting; how to treat a negative figure for accumulated earnings in Table 1; how to treat mergers/acquisitions/de-mergers; how to treat short accounting periods; and the definition of total consolidated group revenue.
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