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GLOSSARY

IAS individual accounts definition

Published by a LexisNexis Corporate expert

What does IAS individual accounts mean?

Individual accounts that have been prepared in accordance with international accounting standards, rather than in accordance with the CA 2006 (or Companies Act individual accounts).

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Contents of the auditor's report—LLPs

Contents of the auditor's report—LLPs This Practice Note looks at the statutory requirements in Part 16 of the Companies Act 2006 (CA 2006) relating to the content of the auditor's report on the accounts and reports of an LLP as applied to limited liability partnerships (LLPs) by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, SI 2008/1911. In relation to the need for an auditor's report, see Practice Note: When must an LLP’s accounts be audited? Auditor's report An LLP's auditor must make a report on the annual accounts of the LLP if copies of those annual accounts are, in accordance with the applicable statutory provisions, to be sent to the members during the auditor’s term of office. For further information on an auditor's duties and rights, see Practice Note: An auditor’s duties and rights. Annual accounts The auditor's report on an LLP's annual accounts must include: • an introduction identifying the annual accounts covered by it and the financial ...

LLP Accounts—an outline of the statutory framework

LLP Accounts—an outline of the statutory framework STOP PRESS: The Economic Crime and Corporate Transparency Act 2023 (ECCTA 2023) received Royal Assent on 26 October 2023. It is intended to enhance corporate transparency in the UK, principally through Companies House reforms and amendments to provisions of the Companies Act 2006. It also seeks to modernise the regulatory framework for limited partnerships and create stronger powers to tackle economic crime. ECCTA 2023 is to come into force in stages. A number of its provisions came into force on 4 March 2024 and may impact this content. For further information, see Practice Notes: Implementation of the Economic Crime and Corporate Transparency Act 2023 and The Economic Crime and Corporate Transparency Act 2023—tracker, particularly the legislation and consultation tracker. The Companies Act 2006 (CA 2006) sets out detailed provisions relating to the preparation of annual accounts by a company. The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, SI 2008/1911 (2008 Regulations) apply some of these...

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