Preparing for reporting under SRA Accounts Rules 2019

The new Solicitors Regulation Authority (SRA) Accounts Rules come into effect this November and the key changes are set to simplify the accounting treatment with less prescriptive requirements but there are significant changes to handling of client monies, explains Ross Prince, partner at Crowe

Following much consultation, the Solicitors Regulation Authority (SRA) has now confirmed 25 November 2019 as the date at which its rewrite of the Accounts Rules will take effect.

The new rules are shorter, simpler and reduce the number of prescriptive and date-sensitive requirements which have caused so many trivial breaches of the rules in their current form for many years.

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