SRA Accounts Rules 2019 – Current Pressures [2022]

Since the SRA’s introduction of the ‘new’ Accounts Rules in 2019, the world has had other things on its mind. As pandemic restrictions are finally eased we are having to rethink our approach to the old ‘steady-as-she goes’ line and embrace the flexibilities and freedoms the rules seem to have given us. The new rules are a lot simpler and more flexible but equally significant, and anyone in the law firm, but especially those with responsibility for finance or accounts, needs to understand them thoroughly.

• Setting the scene - a brief history of the Accounts Rules and an update on the SRA Risk Outlook
• Key definitions in the SRA Account Rules 2019 – what is client money, exactly?
• The key rules including:
  • Rule 1: General Rules
  • Rules 2 – 8: Main operative provisions
  • Rule 9 – 11: other issues
  • Rules 12-13: accounting systems and records
  • What relaxations can we take advantage of?
  • Rules that are most frequently breached: provision of banking facilities, residual balances and interest
  • Recording and reporting of breaches to the COFA & SRA
  • Other key duties on the COFA
  • Relationship with the Reporting Accountant – are they becoming more exacting in their investigations?
• SRA Resources and checklists
• What of VAT & Brabners – is it still an issue?

Key points to take away

• Key relaxations of old duties and rigidities
• Checklists for consideration – how good are you?
• How do we deal with expenses and disbursements?
• Regulation for grown-ups – the one KEY rule