Essentials - May 2005

Issues covered in the Essentials newsletter this month include accounting, tax and legal matters, plus a calendar for finance directors that features key upcoming dates and deadlines.

Accounting updates include:

• IFRS – SEC allows first time adopters to give two years, rather than three, of statements of income, changes in shareholders’ equity and cash flows
  
• Interims under IFRS – considering the form reports will take
  
• IAS 39 – forecast intra group transactions to be allowed as hedged items
  
• White paper consultation on Company Law Reform Bill
  

Direct tax updates include:

• Alleviate forex profits on shares to be treated as loans
  
• Regular reviews needed for management and control of overseas companies
  
• Advocate-General opinion supports Marks & Spencer cross-border group relief

Indirect tax updates include:

• VAT tribunal on late claims
  
• Advocate-General on rights abuse and EU Community law

Legal updates include:

• Good news for private equity fund raisers
  
• Freedom of Information Act - overview of the law that came into full force January 2005.
  

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