This month’s roundup of accounting stories include new SRA rules for law firms, CIPFA’s first financial management code, IFRS 8 consultation responses, Kier’s accounting error, a football accounting foul, Metro asset risk, PwC’s £5.6bn Steinhoff probe, call for better public sector reporting in Scotland
The Solicitors Regulation Authority (SRA) has confirmed new regulations, which include simpler accounting rules for client monies under the SRA Accounts Rules, due to come into effect on 25 November 2019.
The regulator said the shorter, more targeted standards and regulations will remove many prescriptive rules. This will reduce the burden on solicitors and law firms, and allow solicitors greater freedom to use their professional judgment in considering how they meet the standards.
This follows a first consultation on the issue in 2016, which outlined plans to simplify the SRA Accounts Rules 2011.
Already subscribed? Please log in.
Your free features:
- Breaking news and expert analysis
- Customisable daily newsletters
- Six free CPD learning modules each year
- Personalised CPD tracker
- Top 75 Firms league tables
- Regulatory changes
- Hardman’s Tax Data
