Reporting on Payment Practices and Performance Regulations
The Reporting on Payment Practices and Performance Regulations 2017, which apply to large companies in the UK.
The information that large companies will have to report on includes metrics such as descriptions of their standard payment terms and dispute resolution process, and statements about their payment practices and policies, including availability of electronic invoicing and supply chain finance and membership of a payment code of conduct.
Large companies also have to publish statistics about their performance for each reporting period, including:
- The proportion of payments due in the reporting period which were not paid within the contractual payment period;
- The proportion of payments made in the reporting period which were made within certain time frames; and
- The average (mean) number of days taken to make such payments.