Small practitioner Chris Christou spoke out this week as the group advising on accounting, reporting and disclosure - Group G - is finalising its review of current law in order to put its final proposals forward by the end of the year.
The group, chaired by Deloitte & Touche chairman Martin Scicluna, expects to issue a report in the Spring.
But Christou said: 'While the intentions to create a law for the new millennium and encourage enterprise were honourable, the practicalities would indicate otherwise. We are just paying lip service to a process that we have little influence over. It is a great shame.'
The consultative committee has only met a handful of times since the company law review began in February. The review has already been criticised since the government, often without the prior knowledge of the committee, has issued its own consultations including the controversial proposals to lift the audit threshold.
Christou said the upshot was the review was threatening to turn its back on SMEs. 'There are only a handful of us with a small business background on the committees and working groups and one wonders whether beyond the rhetoric there is any substance,' he said.
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