The underlying purpose of the SORP is to deal with issues that are specific to LLPs and ensure that, as far as possible, LLPs present financial statements that are comparable with those of other entities.

The draft LLPs SORP has been updated in response to stakeholder feedback received as part of a consultation in 2021.

‘The changes do not introduce new accounting requirements but rather provide guidance on existing accounting requirements or reflect regulatory requirements that have already come into effect,’ CCAB stressed.

The new Limited Liability Partnerships (LLPs) accounting rules will come into effect for periods commencing on or after 1 January 2024, with early adoption permitted.