The accounting regime for large LLPs
The accounting regime for large LLPs

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

  • The accounting regime for large LLPs
  • Brexit impact
  • Rules and guidance
  • Which accounting regime applies?
  • Annual accounts
  • Strategic report
  • The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018
  • Requirement for accounts to be audited
  • Accounts to be filed—large LLPs

Brexit impact

The UK corporate reporting framework may be affected by Brexit. For further details of its impact, see Brexit—accounts and reports.

Rules and guidance

The rules governing annual accounts of LLPs outside the scope of the small LLPs and medium-sized LLPs regimes are set out in:

  1. Part 15 of the Companies Act 2006 (CA 2006)

  2. the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, SI 2008/1911 (2008 Regulations), which apply parts of the CA 2006 to LLPs

  3. the Large and Medium-sized Limited Liability Partnerships (Accounts) Regulations 2008, SI 2008/1913 (Large LLPs Regulations)

  4. the Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016, SI 2016/575 (2016 Regulations)

This Practice Note deals with the accounting regime as applied to LLPs under the 2016 Regulations. The 2016 Regulations implemented various changes to the accounting regime for LLPs and qualifying partnerships and apply in relation to financial periods beginning on or after 1 January 2016 (or on or after 1 January 2015 where the members of the LLP elect for early adoption of the requirements of the 2016 Regulations).

For a general overview of the statutory framework for LLP annual accounts, see Practice Note: LLP Accounts—an outline of the statutory framework.

Which accounting regime applies?

This Practice Note deals with the accounting regime that will