Financial reporting for LLPs under revised SORP: tips and advice

Under the revised accounting SORP for LLPs, small partnerships must exercise increased judgment in disclosures when applying new accounting rules which take into account new UK GAAP, explain Andrew Baker, head of professional services group, north west, and Colin Burns, technical director, RSM

The number of limited liability partnerships (LLPs) continues to grow with the number registered in the UK now approaching 60,000. However, with the notable exception of the world of professional service firms, the majority of these entities are smaller entities, with 98% of LLPs qualifying as small.

Financial reporting for LLPs has historically been behind the curve in terms of simplification and has until now been an area where the level of complexity has been significantly out of kilter with its limited company peers.

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