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Need to know - Amended accounting rules for qualifying partnerships

Published on: 16 Sep 2013

The Partnerships (Accounts) Regulations 2008 have been amended to bring UK law into line with the underlying European legislation. The changes are set out in the Companies and Partnerships (Accounts and Audit) Regulations 2013.

The updated legislation means that UK limited partnerships where all of the general partners are limited companies are now to be treated as “Qualifying Partnerships”. This may trigger a requirement to prepare and make public statutory financial statements which comply with IFRS as adopted in the EU or UK GAAP, unless they are included within a consolidated set of financial statements prepared for an EEA Group.

Qualifying partnerships (whether newly treated as such or otherwise) which are large or medium-sized will also need to prepare a Strategic Report instead of the Business Review in their existing Partners’ or Members’ Report.

These changes apply for financial years commencing on or after 1 October 2013.

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