LLP accounting SORP set for refresh

The Consultative Committee of Accountancy Bodies (CCAB) is consulting on an updated draft of the statement of recommended practice for limited liability partnerships (LLPs SORP), to take into account changes to the UK GAAP accounting regime.

The move follows the Financial Reporting Council’s (FRC) publication in December 2017 of amendments to FRS 102 as a result of the 2017 triennial review.

CCAB considered whether these amendments create any issues specific to LLPs and concluded that only limited, albeit important, changes to the LLPs SORP are required.