Difficulties in defining just what is a small company is preventing the Department of Trade and Industry’s company law review working party from announcing its new model for small-company accounting.
Warrener Stewart partner Danielle Stewart, a participant in the review’s working party, said: ‘What the provisions are going to be has been done.
But we have to work our way through all aspects of the legislation before we can decide who it will apply to.’
She added: ‘Progress is being made. The building blocks are in place.
It should please people but we’ve not finished defining what the new model will be.’
The small company group agreed the basic outline last week and will communicate its ideas to a group chaired by Deloitte & Touche’s Martin Scicluna which will liaise with working party G on financial reporting. The liaison group will meet early next month.
The DTI’s company law team hit back at criticisms from Scots ICA president Charles Monaghan that the review was hampered by the lack of direction over whether the law should cater for shareholder or stakeholder interests.
Project director Jonathan Rickford said: ‘Fundamental disagreements on ultimate values do not prevent consensus on practical problems.’
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