In early January 2007, the Institute, CPA Australia and the National Institute of Accountants (NIA) lodged their joint submission to the Corporate and Financial Services Regulation Review - Proposals Paper. Two separate submissions on Chapter 1 of the proposal, and Chapters 2 to 7 were submitted and are available on the Institute's website at /files/documents/Comment Letter_CFSRR_FSR Regulation Review.pdf (chapter 1) and files/documents/Joint Comment Letter_CFSR_CFSRR Proposal Paper.pdf (chapters 2-7).  
 
The submission on chapers 2-7 indicates that all three bodies are supportive of the federal government's initiatives to reduce "red tape" and were broadly supportive of all the proposals contained in the paper. In particular the submission supports the proposal to uplift the size tests for large proprietary companies. However the three accounting bodies called on the government to clarify its intentions re the reporting requirements for large proprietary companies and consider whether the original intention to capture only economically significant entities will be achieved. 
 
A copy of the proposals paper can be found here at the Treasury website.