LLP Accounts—an outline of the statutory framework
LLP Accounts—an outline of the statutory framework

The following Corporate guidance note provides comprehensive and up to date legal information covering:

  • LLP Accounts—an outline of the statutory framework
  • Brexit impact
  • Application of the statutory provisions
  • Annual accounts
  • The true and fair view concept
  • Financial reporting framework—individual accounts
  • Financial reporting framework—group accounts
  • Changing from IAS accounts to Companies Act accounts

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 provisions to limited liability partnerships (LLPs) with appropriate modifications.

The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016, SI 2016/575 (2016 Regulations) implemented various changes to the accounting regime for LLPs and qualifying partnerships. The 2016 Regulations apply in relation to financial periods beginning on or after 1 January 2016. The members of an LLP may also elect for early adoption of the requirements of the 2016 Regulations for financial periods beginning on or after 1 January 2015 but before 1 January 2016, provided that a copy of the LLP's accounts for that financial year has not been delivered to the registrar in accordance with the requirements of the 2008 Regulations before 17 May 2016.

The Statutory Auditors Regulations 2017, SI 2017/1164 implemented various changes to the accounting regime for LLPs and other entities. The majority of changes apply to LLPs with financial years beginning on or after 17 June 2016, although the tightening of the exemption from preparing group accounts for small LLPs applies to financial years beginning on or after 1 January 2017.

This Practice Note, along