Consultation: Draft Statement of Recommended Practice – Accounting by Limited Liability Partnerships (LLPs SORP)

5 July 2021

CCAB has today published an updated draft of its 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.

The draft LLPs SORP has been updated in response to stakeholder feedback that there is diversity in practice when interpreting whether a division of profit is automatic or discretionary in certain situations.