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The essential guide to the SRA Accounts Rules for Finance staff


The essential guide to the SRA Accounts Rules for Finance staff

This year will see the SRA introduce a new set of SRA Accounts Rules – the first major update for over 20 years. The new rules will be simpler with only 13 rules but they will have lengthy guidelines to follow with them. They will allow you to make some considerable changes to the way you work.

This course will guide you through both set of rules comparing the differences along the way.

What You Will Learn

This course will cover the following:

Setting the scene – a history of the accounts rules and an update of the SRA Risk Outlook and the SRA Financial Stability Programme
The SRA Handbook and Outcomes-Focused Regulation (OFR)
What makes accounting in law firms so different
Double entry book keeping principles
Why do we have a client and office account?
Which accounting entries go into each account
Key definitions in the SRA Account Rules
What are disbursements and professional disbursements? How should they be billed and when and how should they be paid?
The key rules including:
The principles
Rules 1 – 12 General Rules including:
Overarching objective and underlying principles
Persons governed by the rules
Principals’ responsibility for compliance
Duty to remedy breaches
Categories of money
Rules 13 – 21 Client money and the operation of the client account including:
Client accounts
The use of a client account
Client money withheld from the client account
Receipt and transfer of costs
Receipt of mixed payments
Withdrawals from the client account
Rules 22 – 25 interest rules
Rules 26 – 30 accounting systems and records
Rules 31 – 52 monitoring and investigations by the SRA and the Accountants Report
Rules that are most frequently breached
What is a non-material and material breach
Recording and reporting of breaches to the COFA
The new SRA Accounts Rules 2018 in more detail – what the changes may mean to you

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