(1) The accounting period specified in an accountant's report delivered during the practice year beginning on the 1st day of January shall begin on the 1st of January of that year and terminate on the 31st day of December of the same year.
(2) In any practice year beginning on or after the 1st day of January-
(a) in the case of a solicitor who-
(i) is obliged to deliver his first accountant's report; or
(ii) having been issued a certificate by the Bar Council under rule 6 in respect of the preceding practising year is obliged to deliver an accountant's report.
the accounting period shall begin on the date upon which he first held or received client's money, or after the issue of such certificate began again to hold or receive client's money and may cover less than twelve months, and shall in all other respects comply with the requirements of subsection (3) of section 79 of the Act; and
(b) in the case of a solicitor retiring from practice who having ceased to hold or receive , client's money is obliged to deliver his final accountant's report, the accounting period shall end on the date upon which he ceased to hold or received client's money, and may cover less than than twelve months and shall in all other respects comply with the requirements of subsection (3) of section 79 of the Act.
(3) In any practice year beginning on or after tha 1st day of January in the case of a solicitor who-
(a) was not issued a certificate by the Bar Council under rule 6 in respect of the preceding practice year; and
(b) since the expiry of the accounting period covered by his last accountant's report has become, or ceased to be, a member of a firm of solicitors.
the accounting period may cover less than twelve months and shall in all other respects comply with the requirements of subsection (3) of section 79 of the Act.