We comment on new draft SORP for Limited Liability Partnerships

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03 Nov, 2016

We have published our comment letter on the Consultative Committee of Accountancy Bodies’s (CCAB’s) Exposure Draft of a revised Limited Liability Partnerships (LLPs) Statement of Recommended Practice (SORP).

The Exposure Draft proposes updates to the LLP SORP as a result of amendments made by the Financial Reporting Council (FRC) to UK accounting standards in July 2015.  A number of changes are also proposed as a result of amendments made to the Limited Liability Partnerships (Accounts and Audit) Regulations 2016 (SI 2016/575) and the consequential amendments to FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime that were issued in May 2016 to align the standard with recent changes to UK company law and make the micro-entities regime available to LLPs and qualifying partnerships.

Overall we believe that the proposed revisions are appropriate.

Our full comments to all questions raised in the invitation to comment are contained within our comment letter.

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