According to an update to the IRS Country-by-Country Reporting Jurisdiction Status Table, the competent authority arrangements on the exchange of Country-by-Country (CbC) reports between the U.S. and Spain is in the signatory process. In accordance with OECD guidelines, the arrangement must be signed and operative by 31 December 2017 in order for it to apply for the exchange of CbC reports for the 2016 fiscal year.