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Documents, Reports and Statements
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New Accounting Rules for LLPs
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The Consultative Committee of Accountancy Bodies (CCAB) has published a revised Statement of Recommended Practice (SORP) on Accounting by Limited Liability Partnerships (LLPs). The SORP applies UK Generally Accepted Accounting Practice (GAAP) to LLPs incorporated in Great Britain. The revised SORP is published following agreement by the Accounting Standards Board (ASB) and the effective date will be 1 January 2010
The SORP (LLPs) can be downloaded here LLP_SORP_Revised_31.03.10
A press release can be downloaded here press_release_310310_final |
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SORPS LLPs
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CCAB published an exposure draft of a revised Statement of Recommended Practice on accounting by Limited Liability Partnerships in August 2009.
Since the SORP was last revised in 2006, FRS 25 (IAS 32) ‘Financial Instruments: Presentation’ has been amended to require certain amounts that would otherwise have been presented as liabilities to be reclassified, in limited circumstances, as equity. The proposed revisions to the SORP examined these new requirements and provided guidance on how they may affect LLPs. The amendments to FRS 25 affect the treatment of “puttable instruments” and obligations arising on liquidation. Broadly, their purpose is to identify, for an entity that would otherwise have no equity, whether the most residual interests in that entity are sufficiently ‘like equity’ to be reclassified from liabilities to equity. In the context of an LLP, members’ capital, for example, may now need to be classified as equity in certain circumstances, even though the LLP may be obliged to repay it upon the retirement of a member. The amendments do not affect the liability/equity classification in LLPs in respect of financial instruments classified as equity under the existing requirements.
The exposure period ended formally on 3 November 2009, although a number of late comments were received. At this stage it is not expected that the proposals in the exposure draft will be modified substantially. The ASB has agreed to consider the revised draft SORP in early February 2010; publication will take place as soon as possible thereafter. The effective date of the revised SORP will be 1 January 2010. Marked up and clean copies of the exposure draft can be downloaded here:
LLP Exposure Draft Markup.doc
LLP Exposure Draft clean.doc |
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Ethical Dilemmas Case Studies for Non-Executive Directors
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The CCAB has published case studies focused on ethical issues encountered by professional accountants working as non-executive directors. The purpose of these case studies is to provide guidance for resolving ethical problems and encourage debate in this area.
The CCAB welcomes feedback on the case studies and other ethics related matters. Please email admin@ccab.org.uk
Download the case studies here
CCAB_case_studies_Sept_09 |
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Cross Profession Accounts Compilation Report
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The CCAB has published a cross-profession accounts compilation report for use by practitioners who compile accounts to assist the company directors fulfil this requirement.
Company directors are required by law to prepare accounts for their company that give a true and fair view of its assets, liabilities, financial position and profit or loss. The CCAB has published a cross-profession accounts compilation report for use by practitioners who compile accounts to assist the company directors fulfil this requirement.
Download the CCAB accounts compilation report here |
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CCAB Audit Conduct and Training Project
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The CCAB audit conduct and training steering committee has published its report to the Financial Reporting Council (FRC) here
This project was set up following an earlier initiative by the FRC on Promoting Audit Quality and the steering committee has identified some key issues that it believes are crucial to effective auditing. There are recommendations regarding further actions that ought to be taken in response to the steering committee’s findings. |
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Voluntary Code of Practice on Disclosure of Audit Profitability
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The Consultative Committee of Accountancy Bodies (CCAB) has published a Voluntary Code of Practice on Disclosure of Audit Profitability. It takes effect for accounting periods beginning on or after 6 April 2009. Publication of the Code follows an invitation from the Financial Reporting Council (FRC) for the CCAB to develop guidance to audit firms on the voluntary disclosure of the financial results of their work on statutory audits and directly related services. The Code is in line with a recommendation by the FRC’s Market Participants Group (MPG), developed as part of the Choice in the UK Audit Market project. The MPG published its Final Report in October 2007 Read Voluntary Code here Read Press Release here |
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The FRC's Draft Plan 2009/10, Proposed Updates To The Strategic Framework and 2009/10 Levy Proposals
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The FRC has consulted on its draft Plan and Budget 2008/09 and updates to its Strategic Framework. The consultative document can be accessed here. The CCAB's response can be found here |
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Exposure Draft - Voluntary Code of Practice on Disclosure of Audit Profitability
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In October 2006, the Financial Reporting Council (FRC) established a Market Participants Group (‘MPG’) to provide advice in relation to its Choice in the UK Audit Market project. The MPG published its Final Report in October 2007.
Recommendation 2 stated that ‘Audit firms should disclose the financial results of their work on statutory audits and directly related services on a comparable basis.’ The Consultative Committee of Accountancy Bodies (CCAB) was then invited to develop guidance to audit firms on the voluntary disclosure of this information.
Comments on the exposure draft of this voluntary code are invited by 31 December 2008. Read Document here |
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FRC Priorities for Future Arrangements for Funding the FRC's Activities in Relation to Accounting, Auditing and Corporate Governance
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| The FRC has consulted on its proposals. The consultation can be accessed here . The CCAB's response can be found here |
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CCAB Anti-Money Laundering Guidance: August 2008
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Guidance for all entities providing audit, accountancy, tax advisory, insolvency or related services, such as trust and company services, by way of business, on compliance with the law from 15th December 2007. Firms should use this Guidance (which has been approved by HM Treasury) to implement the new requirements.
This guidance is the final version of that which was published on this web-site on 10 December 2007. It has been updated to accommodate HM Treasury comments received. Those with any queries should seek advise from their professional body or anti-money laundering regulator. Read the Document here
An exposure draft of the additional guidance for tax practitioners, which will be appended to the CCAB guidance, has been issued. The guidance has been developed by the Chartered Institute of Taxation, the Institute of Chartered Accountants in England and Wales, the Association of Chartered Certified Accountants, the Chartered Institute of Management Accountants, the Association of Taxation Technicians, and HMRC. This has been submitted to HM Treasury for approval.
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