Solicitors regulated by the Solicitors Regulation Authority (SRA) are required to adhere to the SRA Accounts Rules.
From 25 November 2019, the existing SRA Accounts Rules 2011 are replaced with the new SRA Accounts Rules which are shorter, less prescriptive and more flexible.
ICAEW’s Technical Advisory Service has updated its helpsheet to reflect the new rules. The Audit and Assurance Faculty is also working on an update to ICAEW TECH 16/15 AAF.
Further information on the recent changes and the SRA’s guidance notes can be found here.