OECD BEPS Action 13 established guidance requiring multinational organizations to provide data on profit, business activities, headcount, and income taxes. This business reporting process involves corporate data collection and verification of financial, HR, and other information at country and entity levels. Moreover, companies may choose to review metrics that help identify risks around their business reporting. Workiva provides tools to gather and validate this information with comparisons, calculations, and sign off.
- Customizable spreadsheets assist in gathering data and organizing it by entity and country
- Easily add an additional accounting standard in your data collection
- Summary tables per OECD standards
Frequently Asked Questions
What reporting standard do I use to report?
Companies choose whether to report using their parent GAAP or local GAAP.
How and when do I submit the results?
Companies generally report the results to the tax authority in their home country, which shares it with other jurisdictions where the company operates, and with which the home country has a tax information exchange agreement in place. According to the OECD, over 100 jurisdictions currently require or are in the process of requiring submission of this information.
How does Workiva benefit my process?
Workiva can connect to various sources and systems to help amalgamate the information, then present it in the required format, all in an environment with robust financial controls.