New financial reporting rule for attorneys

The Legal Practice Council has amended Rule 54.7, in terms of which international financial reporting standards were made the only financial reporting framework deemed acceptable for legal practitioners. CompliNEWS contributor Pam Saxby reports that the amendment allows legal practitioners to use any other financial reporting framework recognised by the Council. It was gazetted on 8 November 2019.

Legislation:  Legal Practice Act 28 of 2014 - ss 95(1), 95(3) and 109(2)