Draft Statement of Recommended Practice Accounting by Limited Liability Partnerships

Draft Statement of Recommended Practice Accounting by Limited Liability Partnerships.

Effective for periods commencing on or after 1 January 2024 with early adoption permitted.

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 draft LLPs SORP has been updated in response to stakeholder feedback received as part of the 2021 LLPs SORP consultation. On consideration of the feedback, the LLPs SORP Steering Group is proposing to add guidance for the following areas; Amounts payable to former members, Sharing of group profits – interests in subsidiaries and Automatic division of profits to members who do not provide any services to the LLP. It is proposed that the updated SORP would be effective for periods commencing on or after 1 January 2024.