mySRA updates

Accountant's reports – changes from 1 April 2027

05 November 2026

What is changing?

From 1 April 2027, all law firms that hold client money will have to submit their accountants' reports to the SRA – both qualified and unqualified reports.

This follows a consultation earlier in 2026 and a subsequent rule change application to the Legal Services Board.

This change will improve compliance with, and visibility of, the accountants' reports regime, helping identify risks to client money earlier and support action before problems escalate. 

Accounting period data collection – January 2027

What law firms need to know

To prepare for this rule change, all firms holding client money need to tell us their accounting period through a form that will be available in January.

We must have up-to-date, accurate information about firms as this determines when their accountant's report will be due.

Key information:

• The form will be available between 6 January and 1 February 2027.
• The following roles can complete the form on behalf of a firm:
  • authorised signatory
  • compliance officer for financial administration
  • compliance officer for legal practice
• We will contact these individuals directly about this collection and share the reporting site link when the window opens.
• They will use their mySRA credentials to log in.

Get ready now

Checking their authenticator app

Whoever will report a firm's accounting period needs to make sure their authenticator app is set up correctly and working on their mobile device. They will need this when logging into the reporting site.  

If they no longer have their mobile device or need to change their app, they should contact us and we will reset their authentication app. If they don't have an app yet, we have a step-by-step guide to help them download one.

Resetting their password

If they have lost their username or password, they can recover and reset them themselves. Learn how

What are we asking firms in January?

Here are the questions:

1. Our records show your firm is holding client money. Is this still correct?

You will answer 'Yes' or 'No'.

If you answer 'no', you will be asked about the date you ceased holding client money to determine whether a report will be due under the new rules. Those ceasing to hold before 1 November 2026 will not need to do anything further.

For those who still hold client money, or held it for any length of time after 1 November 2026, you will be asked:

2. Has your firm completed a full accounting period, or a cease to hold period, since it started holding client money?

You will then enter the start and end date of your last or current accounting period.

What do we mean by 'accounting period'?

This is the period for which your accounts are made up, and that:

1. begins at the end of the previous accounting period; and
2. comprises a period of 12 months unless you change the period for which your accounts are ordinarily made up or the accounting period covers your first report or a report after a break from practice in which case the accounting period may be for a period of less than 12 months or for more than 12 months, up to a maximum period of 18 months.

How will all accountant's reports be used in the future?

Our focus will remain on qualified reports, where accountants identify significant breaches or weaknesses. However, we will also routinely review unqualified reports to provide assurance that firms have complied with the reporting requirements.

What happens after the accounting period collection end in February?

We will publish more information about what firms need to do next and how to submit their accountant's reports. Some firms may be exempt from submitting a report, and we will provide further information about these exemptions.

What is not changing?

If your firm must submit a qualified accountant's report before 31 March 2027, you can continue to do so through the current process.