Solicitors Accounts Regulations 2023

In accordance with regulation 26 (1) of the Solicitors Accounts Regulations 2023 (S.I 118 of 2023), solicitors are required to ensure that a reporting accountant's report is furnished to the Society no later than five months after the firm’s accounting date in each practice year (year-end date), or within such further period as the Law Society may in writing permit.

This would normally mean that your first report will be submitted before you complete 17 months in practice.

Firms are required to notify the Law Society of their date of commencement and the accounting date chosen in the commencement in practice form.

Accounting date

A firm’s accounting date is the last date of the practice's accounting period (the period of one year ending on the accounting date) in each practice year. The accounting date chosen must therefore be within one year of the firm’s date of commencement and a reporting accountant's report must be filed with the Law Society within five months of the chosen accounting date annually.

Extension of accounting date

Should a firm wish to choose an initial accounting date which would extend their accounting period to longer than a period of one year from their date of commencement, the firm must notify the Law Society in writing no later than one year after their date of commencement in practice and receive the written consent of the Law Society to file such an extended reporting accountant's report.

Extension of reporting deadline

The Solicitors Accounts Regulations 2023 allow for an application to be made in writing to the Law Society no later than 14 days before the filing deadline for an extension of no longer than one month. This will be granted where the Law Society is satisfied that it is appropriate in all the circumstances to do so.