The cover of the Standard for Automatic Exchange of Financial Account Information The Common Reporting Standard (CRS), developed in response to the G20 request and approved by the OECD Council on 15 July 2014, calls on jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis. It sets out the financial account information to be exchanged, the financial institutions required to report, the different types of accounts and taxpayers covered, as well as common due diligence procedures to be followed by financial institutions.


The Standard consists of the following four key parts: 


  • The OECD maintains and regularly updates a list of CRS-related Frequently Asked Questions. These FAQs were received from business and government delegates and answers to such questions clarify the CRS and assist in ensuring consistency in implementation.




  • In addition to the CRS, the OECD has published the CRS Implementation Handbook, which, although not part of the CRS, provides a practical guide to implementing the CRS to both government officials and financial institutions and includes a comparison between the CRS and FATCA.