12/2019 - UK - Limited Companies 15.0 Disclsoure Checklists and Solicitors Accounts Rules 9.1 Update

MyWorkpapers is pleased to announce the release of the following updates to the Mercia content.

Limited Companies 15.0

For those subscribers who audit accounts produced under IFRS, a new disclosure checklist has been included at A32 and proforma accounts (within the MyWorkpapers Audit Help) for accounting periods commencing on or after 1 January 2019.

For those subscribers who audit accounts produced under FRS 101, a new disclosure checklist has been included at A32 for accounting periods commencing on or after 1 January 2019.

The new disclosure checklists and proforma accounts take into account the relevant technical changes which incorporate IFRS 16 - Leases and other related changes for the applicable period, including changes to company law affecting narrative reporting. 

Solicitors Accounts Rules 9.1

The new SRA Accounts Rules came into effect on 25 November 2019.

The rules and current supporting guidance can be accessed on the SRA website however there may be further guidance issued by the SRA particularly in respect of Rule 4.3 and the transfer of costs from the client account.

The ICAEW is also expected to update its guidance (currently TECH 16/15) early in 2020.

For these reasons, we will be issuing our updated specialist assignment manual once this guidance has been issued.

A new Accountants' Report (AR1) has also been issued which confirms compliance with both the new and the previous SRA Accounts Rules. This new report should be used with immediate effect i.e., even when reporting on a period ending before 25 November 2019.