The following Owner-Managed Businesses guidance note by Tolley in association with Jackie Barker of Wells Associates provides comprehensive and up to date tax information covering:
This note explains the legal requirements that an LLP must meet in connection with its accounting and auditing requirements and outlines what information must be filed with Companies House. The legislation which sets out the accounting requirements in relation to LLPs is included in the following statutory instruments:
These statutory instruments have been amended and updated by the following regulations:
The above regulations apply, with modifications, the accounting and auditing provisions of the Companies Act 2006 to LLPs. In preparing accounts that reflect a true and fair view of the financial position of an LLP, the LLP would also apply a financial reporting standard as appropriate, ie FRS 101, FRS 102, FRS 105 (see the Introduction to new UK GAAP guidance note) or International Financial Reporting Standards (IFRS).
If an LLP adopts FRS 102, how this reporting standard should be applied in the case of the LLP is guided by the Consultative Committee of Accountancy Bodies’ statement of recommended practice (SORP). The SORP for ‘Accounting by LLPs’ was updated and issued in December 2018 for accounting periods commencing on or after 1 January 2019, although early adoption was allowed.
FRS 105 only applies to micro entities, and if LLPs adopt FRS 105 they will not have
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login
To view our latest tax guidance content, sign in to Tolley® Guidance or register for a free trial.