Posted on Wednesday, December 16, 2020

On December 16, 2020, the Securities and Exchange Commission adopted the final rule Disclosure of Payments by Resource Extraction Issuers, regarding rules requiring resource extraction issuers to include in an annual report information relating to payments made to a foreign government or the Federal Government for the purpose of the commercial development of oil, natural gas, or minerals. The final rule requires the use of XBRL, but not Inline XBRL, for payment information submitted with these disclosures. The rule states:

Under the final rules, and consistent with the statute, a resource extraction issuer will be required to submit the payment information in XBRL using electronic tags—a taxonomy of defined reporting elements—that identify, for any payment required to be disclosed:

  • The total amounts of the payments, by payment type;
  • The currency used to make the payments;
  • The financial period in which the payments were made;
  • The business segment of the resource extraction issuer that made the payments;
  • The government that received the payments, and the country in which the government is located;
  • The project of the resource extraction issuer to which the payments relate.

Read more in Section M on page 136 in the final rule.