Essentials - April 2005

The April edition of our regular Essentials newsletter contains accounting, tax and legal updates summarised and explained, as well as a finance director's calendar of upcoming dates and deadlines.

Accounting updates include:

• ASB issues exposure draft on its future role
  
• Obtaining value from internal audit
  
• UITF 39, UITF 40 issued
  
• Sarbanes-Oxley sections 302, 404 delayed for non-accelerated filers and foreign private issuers
  

Direct tax updates include:

• Budget 2005: Anti-avoidance legislation to counter arbitrage schemes
  
• New anti-avoidance thincap rules target the venture capital industry
  
• New anti-avoidance thincap rules - impact on PFI companies
  

Indirect tax updates include:

• Budget 2005: VAT avoidance
  
• VAT deduction on employee-incurred expenses uncertain
  
• Back office services for insurers

Employer & shareholder updates include:

• Cross-border stock option sourcing change
  
• Dual employment arrangements
  
• IAS 19 - new accounting rules for employee benefits