In the first update to regulations since 2014 The Law Society will be proposing new regulations that they are preparing to have into legislation by the end of 2022. Under the proposed new regulations:
- Reporting Accountants report will be due no later than five months after accounting year end (this was previously 6 months)
- Solicitors Practices will be obligated to supply their clients a statement of the account upon completion of matter
- Reporting Accountants report will now need a quarterly reconciliation on ledgers and banks accounts (This was previously 6 months)
For further information or assistance with Solicitors bookkeeping and accounts please contact Stephen at 091-586020 or stephen@dvmannion.ie