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 SORP has been updated for the 2017 Triennial review of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. CCAB considered whether the 2017 Triennial Review amendments created any issues specific to LLPs and concluded that only limited although important changes to the LLPs SORP were required.