The recognised standard

 


Duty to Report

Following the highly popular CICM and ACCA ‘Duty to Report’ webinar, we are delighted to offer you the opportunity to watch and listen to it again. Just enter your details here.

What will large and small businesses be required to consider under any duty to report requirements introduced in secondary legislation as part of the Small Business, Enterprise & Employment Act?

What is clear is that late payment has been identified as an issue that needs to be tackled.  In addition to the Duty to Report requirements, the Prompt Payment Code has been strengthened, with the creation of an Advisory Board and Code Compliance Board to rule on challenges raised against signatories’ payment behaviour that is detrimental to the supply chain.

Any duty to report requirements are likely to draw on the code.  We may see large companies reporting the following twice yearly within their reported numbers, and possibly also to a separate web portal that will be available for public access:

  • standard payment terms, including any changes to these in the last reporting period (guidance will be provided to clarify in circumstances companies they have different standard terms for different kinds of products)
  • average time taken to pay
  • proportion of invoices paid beyond agreed terms
  • proportion of invoices paid in 30 days or less, paid between 31 to 60 days, and paid beyond 60 days
  • amount of late payment interest owed and paid
  • whether financial incentives were required to join or remain on supplier lists
  • dispute resolution processes
  • the availability of e-invoicing, supply chain finance, preferred supplier lists
  • membership of a Payment Code.

Smaller organisations that are signatories of the Prompt Payment Code are likely to have to report annually on the following:

  • standard payment terms, including any changes to these in the last reporting period
  • average time taken to pay
  • proportion of invoices paid beyond agreed terms
  • proportion of invoices paid in 30 days or less, paid between 31 to 60 days, and paid beyond 60 days

Don’t forget to visit www.cicm.com for details of our other events.

 

About_Corppart_Freeths150
Foreign Debt Recovery – Cross Borders

Podcast from Legal Partner Freeths
This podcast talks you through the steps of how to recover monies from foreign debtors through the Courts of England and Wales. We walk you through each phase of the process starting with the initial issue of a claim at Court right through to getting your Judgment enforced in the local Courts of your Debtor’s country.

The process of registering your English Judgment abroad depends on the Country in which you are trying to register your Judgment in. We have split the Countries into categories and will talk you through the governing regulations. With case study examples throughout the podcast we hope that you can relate to some of the scenarios and gain a deeper understanding of this complex area of law.

For more information about Foreign Debt Recovery contact Zalena Vandrewala at:

T: +44 (0)845 077 9613
E: zalena.vandrewala@freeths.co.uk