We comment on updated draft SORP for Limited Liability Partnerships
01 Nov, 2023
We have published our comment letter on the Consultative Committee of Accountancy Bodies’ (CCAB’s) updated draft of its Limited Liability Partnerships (LLPs) Statement of Recommended Practice (SORP).
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 on Climate-related Financial 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.
Overall we believe that the proposed revisions are appropriate.
Our full comments to all questions raised in the invitation to comment are contained within the comment letter.
