New Technical Release on Solicitors Accounts Regulations 2014

Feb 25, 2016

We have issued Technical Release (TR) 01/2016 Solicitors Accounts Regulations 2014 - Republic of Ireland.  For accounting periods beginning on or after 1 December 2014, this TR replaces Miscellaneous Technical Statement M38 and some related Information Sheets.  We are finalising the new Solicitors Accounts Regulations work programme and we will let you know via eNews as soon as it is available.

Technical Release 01/2016 Solicitors Accounts Regulations 2014 - Republic of Ireland is intended to provide information for members undertaking reporting engagements in accordance with the Solicitors Accounts Regulations 2014 – S.I. No. 516 of 2014.  It replaces Miscellaneous Technical Statement (M) 38 Solicitors Accounts Regulations, 2001 – Republic of Ireland and information sheets IS 07/2008 Amendments to Solicitors Accounts Regulations 2001 and Professional Indemnity Insurance Minimum Cover for Reporting Accountants in the Republic of Ireland and IS 01/2014 Matters arising from the Solicitors Accounts (Amendment) Regulations 2013.

In November 2014 the Council of the Law Society of Ireland approved the Solicitors Accounts Regulations 2014 – S.I. No. 516 of 2014 (‘the Regulations’).  The Regulations came into force on 1 December 2014 and apply to accounting periods beginning on or after that date.

The Regulations represent primarily a consolidation of the previous Solicitors Accounts Regulations 2001 to 2013 and the Solicitors (Interest of Clients’ Moneys) Regulations 2004 (S.I. No. 372 of 2004) – (‘the previous regulations’).  The notice issued by the Society accompanying the publication of the Regulations states that the previous regulations remain in force for accounting periods which commenced prior to 1 December 2014.  The accompanying notice also stated that there are no fundamental changes to the Regulations for solicitors, however reporting accountants will note that solicitor’s compliance with the requirements in regulation 8 on Interest is likely to necessitate more detailed testing than under the previous regulations.

In addition, the Practice Consulting department at Chartered Accountants Ireland is finalising the development of a Solicitors Accounts Regulations Work Programme and this will be available soon. Members will be informed through the usual channels when they can place orders.