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Page 5 of the Accounts Rules consultation acknowledges "The Accounts Rules will be supported by an online toolkit which will comprise of guidance and case studies to aid compliance."

So the SRA propose to make the Rules shorter by taking out the detail, changing this in some fairly wide-ranging ways, then putting it back in another, less convenient place.

The changes being proposed are in fact very complex, and could have a significant impact on the many firms, not least those who operate a client's own account or act as COP deputy.

One has to wonder whether accountants will now have a reporting responsibility if they suspect, in the words of the above anonymous commentator, that the firm is running on money they haven't earned yet. And the impact assessment assumes these changes will make it easier for accountants!

In my humble opinion this is a disaster waiting to happen. I hope as many as possible can respond to this consultation (and that the SRA take note of those responses). There is a reason why the current Rules have lasted for 20 years: they work!