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Initial Guidance Issued on New SRA Accounts Rules

The Solicitors’ Regulation Authority (“SRA”) has released an initial batch of guidance in respect of the new SRA Accounts Rules.  This is available on their website, and covers the following areas:

At present, a copy of the proposed Accountant’s Report (covering both the transitional period and periods commencing after 25 November 2019, which will be governed entirely by the new SRA Accounts Rules) is not available.  As such, the scope of the work of the Reporting Accountant for periods which end after 25 November 2019 remains unclear.

A commentary on the content of the guidance which has been issued to date has been prepared by the ICAEW and is available on their website.

HAT will continue to monitor developments in this area, with work on the updated HAT SRA Accounts Rules Manual being planned for the final quarter of the year. In the meantime, our popular update course, SRA Accounts Rules - Getting Your Report Right is running on 13 November.