Essentials – July 2006

This edition of our Essentials newsletter covers the latest accounting, tax and legal matters, plus a calendar for finance directors that features key upcoming dates and deadlines. Areas covered in the July issue include:

Accounting

• IASB and FASB publish first draft chapters of joint conceptual framework
• Release of updated FRC combined code
• Possible extension of audit exemption to certain FSA regulated small firms
• IASB publishes an exposure draft

Indirect tax

• Is it the end for the three-year cap?
• Are your outsourced call centre services VAT exempt?

Direct tax

• EU's new code of conduct on transfer pricing
• Partial annulment of decision requiring Belgium to withdraw the tax regime for coordination centres ordered
• Advocate General's option – test claimants in the thin capitalisation group litigation
• Corporate residence – Wood v Holden
• Finance Act – Lords express concern

Legal

• A more sober approach to business methods patents