The OECD published updated guidance on country by country (CbC) reporting on 6 September. The guidance now addresses the definition of revenues, the treatment of multinational enterprise (MNE) groups with a short accounting period and the treatment of the amount of income tax accrued and income tax paid. Guidance has also been released on the appropriate use of the information contained in CbC reports by taxing authorities, with such use being limited to high level transfer pricing risk assessment, assessment of other base erosion and profit shifting risks and, where appropriate, economic and statistical analysis. The report also confirms that the provision of information in CbC reports should not be used as a substitute by tax authorities for detailed transfer pricing analysis based on a full functional analysis and does not, on its own, constitute conclusive evidence that a transfer pricing adjustment is appropriate.