Africa/Global: Making revenue disclosure effective in the extractive industries sector

The revenues paid by companies in the extractive industries sector are an important source of income for many developing countries. A lack of transparency in the disclosure of these revenues persists, however, preventing real progress in combating corruption, improving governance and ultimately reducing poverty. The International Accounting Standards Board has initiated a process that will lead to the definition of new disclosure standards for the industry. A report by the Publish What You Pay Coalition highlights why such standards should require upstream extractive industry operators to disclose revenue payments on a country-by-country basis.