The Financial Reporting Council (FRC) has approved the CCAB bodies for the purpose of issuing a recognised SORP for LLPs incorporated in Great Britain under the Limited Liability Partnerships Act 2000. The members of the CCAB are; The Institute of Chartered Accountants in England and Wales (ICAEW), The Institute of Chartered Accountants of Scotland (ICAS), The Institute of Chartered Accountants in Ireland (ICAI), The Association of Chartered Certified Accountants (ACCA) and The Chartered Institute of Public Finance and Accountancy (CIPFA). 

Proposed amendments to the SORP include:

• updates to the section of the SORP which outlines the contents of an LLPs annual report and financial statements to take into account the Limited Liability Partnerships (Climate-related Financial Disclosure) Regulations 2022 (SI 2022/46) which came into effect for financial years beginning on or after 6 April 2022.  These regulations require certain LLPs and groups to make climate-related financial disclosures aligned with the Taskforce for Climate-related Disclosures (TCFD) recommendations.
• additional guidance for certain specific scenarios in relation to the sharing of group profits and amounts payable to former members in response to stakeholder feedback received as part of the 2021 LLPs SORP consultation.

It is proposed that the updated SORP would be effective for periods commencing on or after 1 January 2024.

The full consultation is available on the CCAB website.