Webinars by Practice Area
SRA Accounts Rules 2019 – A 2021 Update
Recorded on: 21/10/2021
The new, reduced Accounts Rules have been with us for almost two years now, though for the first 18 months or so we were all working under conditions of abnormality and regulatory forbearance. The ‘new’ rules amount to only 13 rules over six pages and no longer give us much guidance as to how to comply with the trickier elements.
But the fact that the rules no longer say much does not alter the basic law, the basic jurisprudence of the courts and the Legal Ombudsman and there is no real expectation that much need change in the light of the new rules. Steady as she goes, would seem to be the main theme. The SRA’s enforcement approach would seem the bear out the philosophy that as long as we are not stealing our clients’ money, all is well.
However, the rules do allow some flexibility and this webinar will discuss what has changed, what has not and what the expectations will be of the regulators and the external accountants, now that commercial activity is returning to ‘normal’.
The webinar will cover:
- The rules in their new reduced form
- What has not changed
- Use of client account as a banking facility
- Residual balances and how to deal with them
- VAT on disbursements – the Brabners latest
- Bank branches in England & Wales – ‘all my branches have closed’
- Obligations in relation to interest?
- The new – and current – position on accountants reports and qualifications
- The role of the CoFA
- New rules on billing?
- New rules on reconciliations – clients’ own accounts
- Do I need to change anything?