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Limited liability partnerships (LLPs): plans for accounting under micro-entities regime

When FRS 102 was released, new regulations for limited liability partnerships (LLPs) was missing so a late consultation on new rules is leaving partnerships in a quandary over whether to make an early move to FRS 102 section 1A. Julia Penny FCA, divisional director, accounting at Swat UK, considers the options

At long last, the Department for Business, Innovation and Skills (BIS) has issued a consultation on changing the limited liability partnership (LLP) regulations in line with the changes made earlier this year to the company regulations.

There was much puzzlement originally as to why the changes to company law had not been extended to LLPs.

The answer appears to have been twofold: firstly BIS had so much new legislation to get through that they didn’t have time to do the work.

Secondly, there appears to have been a view at BIS that due to the low numbers of LLPs it was not important to keep the regulations in line with company regulations. The ICAEW, and no doubt many others, made clear to BIS its view that having differential regimes for LLPs and companies created a lot of extra work.

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