CCAB has today published an updated draft of its Draft Statement of Recommended Practice – Accounting by Limited Liability Partnerships (LLPs SORP) for comment.
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.
Amendments were made to the LLP Regulations in May 2016 to introduce changes to the financial reporting framework for LLPs similar to those that have been recently been introduced for companies, including raising the size thresholds which determine when an LLP or group qualifies as small and the creation of a new micro-entities regime for very small LLPs. These changes are effective for financial years beginning on or after 1 January 2016.