LLPs: changes to accounting rules out for review

The withdrawal of the Financial Reporting Standard for Smaller Entities (FRSSE) means a last-minute review of the accounting rules for small limited liability partnerships (LLPs), says Sarah Perrin ACA

Small and micro limited liability partnerships (LLPs) face some new accounting choices under proposals from the Consultative Committee of Accountancy Bodies (CCAB). The comment period for the proposed amendments to the Statement of Recommended Practice (SORP) on Accounting by Limited Liability Partnerships closed on 1 November and the final SORP will be effective for accounting periods beginning on or after 1 January 2016.

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