CCAB issues revised Statement of Recommended Practice – Accounting by Limited Liability Partnerships

CCAB has today published a new edition of the Statement of Recommended Practice – Accounting by Limited Liability Partnerships (LLPs SORP).

The underlying purpose of the SORP is to deal with issues that are specific to LLPs and ensure that, as far as possible, LLPs present financial statements that are comparable with those of other entities.

The LLPs SORP has been updated to reflect the new LLP Regulations that were issued in May 2016 and recent changes to UK accounting standards.