New Zealand’s Thin Capitalisation Rules and the Adoption of International Financial Reporting Standards in New Zealand

In response to Australia’s decision to adopt international financial reporting standards (IFRSs) from 2005, New Zealand has subsequently decided to follow. New Zealand reporting entities are required to adopt IFRSs from 2007 with the option of early adoption from 2005. As New Zealand is one of many jurisdictions where different rules are employed to determine income for financial reporting and tax purposes, it would seem to a casual observer that the adoption of IFRSs in New Zealand is unlikely to have any income tax implications for New Zealand companies. This is not entirely correct. There are links between financial reporting standards and the determination of taxable income under New Zealand income tax law in respect of certain matters. One such area is the application of the New Zealand thin capitalisation rules in subpart FG of the Income Tax Act 2004. The rules rely upon values taken from a taxpayer’s financial statements to determine the taxpayer’s debt percentage and consequently the extent to which a deduction for interest expense will be apportioned. Therefore the adoption of IFRSs in New Zealand potentially could affect a taxpayer’s New Zealand tax liability if the thin capitalisation rules have application. This paper seeks to examine the changes in IFRS and their impact on the New Zealand thin capitalisation provisions. In particular it will examine the changes in the IFRS Standards concerning the measurement and valuation of assets and the effect on the safe harbour provisions. In addition, the paper will consider the implications for tax advisers and their clients in complying with the new standards and the transitional issues involved

Prolonged unemployment: The reality and responses

Prolonged unemployment is a profound social problem as evidenced by a rise in the suicide rate, mental hospital admissions, prison terms, homicides, and health related 1 deaths which appear in statistics several years later (Reigle, 1982). Roberts (1985) described the problem bluntly when she wrote, unemployment is a killer (p. 169). Shifron, Dye, and Shifron (1983) reported disturbing statistics that show an estimated 15 million Americans to be hidden unemployed or discouraged workers , those who have given up on finding a job and no longer appear in labor statistics. Hidden unemployment in this article means simply \u27not counted\u27 in labor statistics and includes those who are not looking for work because they are discouraged as well as those who are still looking

WS01.05 Development of a musculoskeletal screening tool for children and young people with cystic fibrosis (Addenbrooke’s MST): initial findings

© 2023 European Cystic Fibrosis Society. Published by Elsevier B.V. This is an open access article distributed under the Creative Commons Attribution License, to view a copy of the license, see: https://creativecommons.org/licenses/by/4.0/Objectives: Development of the Addenbrooke’s Musculoskeletal Screening Tool (MST) for children and young people (CYP) with CF. It is recommended by the Association of Chartered Physiotherapists in CF that Musculoskeletal (MSK) screening is carried out in all children from 7 years of age. Currently there is no specific tool for CYP with CF, only the Adult Manchester MST is available in CF (Ashbrook, Taylor and Jones, 2011). Methods: A paediatric MST was constructed by reviewing the Manchester MSK Screening Tool, the pGALS and recent literature surrounding both paediatric and CF related MSK conditions. The tool was developed with support from paediatric CF specialist physiotherapists, paediatric MSK specialist physiotherapists and respiratory consultants. This tool was then used over a one year period on a total of 58 CYP. Results: The MST was well accepted by clinicians and CYP, taking up to 5 minutes to complete. There were 81.8% more positive MSK screens in the year using this Addenbrooke’s MST (20) compared to the previous year using the Manchester MST (11). There were also 6 more referrals, all deemed appropriate by MSK specialist physiotherapists. MSK advice was given to 83% more children in the year using AMST (11) compared to the year using MMST (6). Urinary incontinence appears to be under reported in this population when comparing to other studies with only two positive screens. Kyphosis (as diagnosed by plumb line) was particularly prevalent in this population (20%) and those with kyphosis had a significantly reduced FEV1% (p = 0.008) and FVC% (p = 0.034), as well as tighter pectoralis major (p = 0.002). Conclusion: A screening tool designed for CYP with CF is important in identifying specific conditions to this population. There is an increased number of appropriate referrals when using this tool and interesting initial evidence on the use of pectoralis major length as an outcome measure, however further research and validation is required.Peer reviewe

Molecular characterization of endocarditis-associated Staphylococcus aureus

Infective endocarditis (IE) is a life-threatening infection of the heart endothelium and valves. Staphylococcus aureus is a predominant cause of severe IE and is frequently associated with infections in health care settings and device-related infections. Multilocus sequence typing (MLST), spa typing, and virulence gene microarrays are frequently used to classify S. aureus clinical isolates. This study examined the utility of these typing tools to investigate S. aureus epidemiology associated with IE. Ninety-seven S. aureus isolates were collected from patients diagnosed with (i) IE, (ii) bloodstream infection related to medical devices, (iii) bloodstream infection not related to medical devices, and (iv) skin or soft-tissue infections. The MLST clonal complex (CC) for each isolate was determined and compared to the CCs of members of the S. aureus population by eBURST analysis. The spa type of all isolates was also determined. A null model was used to determine correlations of IE with CC and spa type. DNA microarray analysis was performed, and a permutational analysis of multivariate variance (PERMANOVA) and principal coordinates analysis were conducted to identify genotypic differences between IE and non-IE strains. CC12, CC20, and spa type t160 were significantly associated with IE S. aureus. A subset of virulence-associated genes and alleles, including genes encoding staphylococcal superantigen-like proteins, fibrinogen-binding protein, and a leukocidin subunit, also significantly correlated with IE isolates. MLST, spa typing, and microarray analysis are promising tools for monitoring S. aureus epidemiology associated with IE. Further research to determine a role for the S. aureus IE-associated virulence genes identified in this study is warranted

Neural progenitor cells from an adult patient with fragile X syndrome

BACKGROUND: Currently, there is no adequate animal model to study the detailed molecular biochemistry of fragile X syndrome, the leading heritable form of mental impairment. In this study, we sought to establish the use of immature neural cells derived from adult tissues as a novel model of fragile X syndrome that could be used to more fully understand the pathology of this neurogenetic disease. METHODS: By modifying published methods for the harvest of neural progenitor cells from the post-mortem human brain, neural cells were successfully harvested and grown from post-mortem brain tissue of a 25-year-old adult male with fragile X syndrome, and from brain tissue of a patient with no neurological disease. RESULTS: The cultured fragile X cells displayed many of the characteristics of neural progenitor cells, including nestin and CD133 expression, as well as the biochemical hallmarks of fragile X syndrome, including CGG repeat expansion and a lack of FMRP expression. CONCLUSION: The successful production of neural cells from an individual with fragile X syndrome opens a new avenue for the scientific study of the molecular basis of this disorder, as well as an approach for studying the efficacy of new therapeutic agents

Contact dermatitis and other skin conditions in instrumental musicians

BACKGROUND: The skin is important in the positioning and playing of a musical instrument. During practicing and performing there is a permanent more or less intense contact between the instrument and the musician's skin. Apart from aggravation of predisposed skin diseases (e.g., atopic eczema or psoriasis) due to music-making, specific dermatologic conditions may develop that are directly caused by playing a musical instrument. METHODS: To perform a systematic review on instrument-related skin diseases in musicians we searched the PubMed database without time limits. Furthermore we studied the online bibliography "Occupational diseases of performing artist. A performing arts medicine bibliography. October, 2003" and checked references of all selected articles for relevant papers. RESULTS: The most prevalent skin disorders of instrumental musicians, in particular string instrumentalists (e.g., violinists, cellists, guitarists), woodwind players (e.g., flautists, clarinetists), and brass instrumentalists (e.g., trumpeters), include a variety of allergic contact sensitizations (e.g., colophony, nickel, and exotic woods) and irritant (physical-chemical noxae) skin conditions whose clinical presentation and localization are usually specific for the instrument used (e.g., "fiddler's neck", "cellist's chest", "guitar nipple", "flautist's chin"). Apart from common callosities and "occupational marks" (e.g., "Garrod's pads") more or less severe skin injuries may occur in musical instrumentalists, in particular acute and chronic wounds including their complications. Skin infections such as herpes labialis seem to be a more common skin problem in woodwind and brass instrumentalists. CONCLUSIONS: Skin conditions may be a significant problem not only in professional instrumentalists, but also in musicians of all ages and ability. Although not life threatening they may lead to impaired performance and occupational hazard. Unfortunately, epidemiological investigations have exclusively been performed on orchestra musicians, though the prevalence of instrument-related skin conditions in other musician groups (e.g., jazz and rock musicians) is also of interest. The practicing clinician should be aware of the special dermatologic problems unique to the musical instrumentalist. Moreover awareness among musicians needs to be raised, as proper technique and conditioning may help to prevent affection of performance and occupational impairment

Dimethyl fumarate in patients admitted to hospital with COVID-19 (RECOVERY): a randomised, controlled, open-label, platform trial

Dimethyl fumarate (DMF) inhibits inflammasome-mediated inflammation and has been proposed as a treatment for patients hospitalised with COVID-19. This randomised, controlled, open-label platform trial (Randomised Evaluation of COVID-19 Therapy [RECOVERY]), is assessing multiple treatments in patients hospitalised for COVID-19 (NCT04381936, ISRCTN50189673). In this assessment of DMF performed at 27 UK hospitals, adults were randomly allocated (1:1) to either usual standard of care alone or usual standard of care plus DMF. The primary outcome was clinical status on day 5 measured on a seven-point ordinal scale. Secondary outcomes were time to sustained improvement in clinical status, time to discharge, day 5 peripheral blood oxygenation, day 5 C-reactive protein, and improvement in day 10 clinical status. Between 2 March 2021 and 18 November 2021, 713 patients were enroled in the DMF evaluation, of whom 356 were randomly allocated to receive usual care plus DMF, and 357 to usual care alone. 95% of patients received corticosteroids as part of routine care. There was no evidence of a beneficial effect of DMF on clinical status at day 5 (common odds ratio of unfavourable outcome 1.12; 95% CI 0.86-1.47; p = 0.40). There was no significant effect of DMF on any secondary outcome

Methyl methacrylate and respiratory sensitization: A Critical review

Methyl methacrylate (MMA) is a respiratory irritant and dermal sensitizer that has been associated with occupational asthma in a small number of case reports. Those reports have raised concern that it might be a respiratory sensitizer. To better understand that possibility, we reviewed the in silico, in chemico, in vitro, and in vivo toxicology literature, and also epidemiologic and occupational medicine reports related to the respiratory effects of MMA. Numerous in silico and in chemico studies indicate that MMA is unlikely to be a respiratory sensitizer. The few in vitro studies suggest that MMA has generally weak effects. In vivo studies have documented contact skin sensitization, nonspecific cytotoxicity, and weakly positive responses on local lymph node assay; guinea pig and mouse inhalation sensitization tests have not been performed. Cohort and cross-sectional worker studies reported irritation of eyes, nose, and upper respiratory tract associated with short-term peaks exposures, but little evidence for respiratory sensitization or asthma. Nineteen case reports described asthma, laryngitis, or hypersensitivity pneumonitis in MMA-exposed workers; however, exposures were either not well described or involved mixtures containing more reactive respiratory sensitizers and irritants.The weight of evidence, both experimental and observational, argues that MMA is not a respiratory sensitizer

New Zealand’s Thin Capitalisation Rules and the Adoption of International Financial Reporting Standards in New Zealand

In response to Australia’s decision to adopt international financial reporting standards (IFRSs) from 2005, New Zealand has subsequently decided to follow. New Zealand reporting entities are required to adopt IFRSs from 2007 with the option of early adoption from 2005. As New Zealand is one of many jurisdictions where different rules are employed to determine income for financial reporting and tax purposes, it would seem to a casual observer that the adoption of IFRSs in New Zealand is unlikely to have any income tax implications for New Zealand companies. This is not entirely correct. There are links between financial reporting standards and the determination of taxable income under New Zealand income tax law in respect of certain matters. One such area is the application of the New Zealand thin capitalisation rules in subpart FG of the Income Tax Act 2004. The rules rely upon values taken from a taxpayer’s financial statements to determine the taxpayer’s debt percentage and consequently the extent to which a deduction for interest expense will be apportioned. Therefore the adoption of IFRSs in New Zealand potentially could affect a taxpayer’s New Zealand tax liability if the thin capitalisation rules have application. This paper seeks to examine the changes in IFRS and their impact on the New Zealand thin capitalisation provisions. In particular it will examine the changes in the IFRS Standards concerning the measurement and valuation of assets and the effect on the safe harbour provisions. In addition, the paper will consider the implications for tax advisers and their clients in complying with the new standards and the transitional issues involved