Catchpole: LPC Accounts Online
Updates
The Solicitors Regulation Authority has repealed and replaced the Solicitors Accounts Rules as part of its development of the SRA Handbook and other changes in the legal profession. The new SRA Accounts Rules [2011] were published in October 2010 in final form and will be introduced as part of a larger framework of documents that reflects the SRA's move toward outcomes-focused regulation.
The Accounts Rules section of the SRA's new Handbook plays a key role in the regulation of firms providing legal services. The new SRA Accounts Rules are based largely on the current Solicitors' Accounts Rules and contain important requirements to protect client money.
The amendments made to the Accounts Rules document affect largely the numbering system used. We have therefore created this ‘at a glance’ comparison guide for you to use while you are working through the exercises in LPC Accounts Online to highlight where there have been amendments to this numbering, and to offer commentary on the changes.
In this guide you will find:
- a short introduction to the new SRA Accounts Rules;
- a note on VAT; and
- a table comparing the Solicitors Accounts Rules and the new SRA Accounts Rules.
Click the link below to open the comparison guide:
Comparison Guide [PDF]
Where documents on the LPC Accounts Online site contain reference to the SRA Account Rules we have updated them to reflect the new Rule numbers. The relevant documents for each chapter can be accessed via the links below. Not all chapters are affected by the changes.
- Chapter 02
- Dual ledgers
- Chapter 03
- Solicitors' Accounts Rules 1998
- Chapter 04
- Transfers and invoices
- Chapter 05
- Stakeholder and interest
- Chapter 06
- Completion statements
- Chapter 07
- VAT on expenses and disbursements
- Chapter 08
- Abatements and bad debts
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