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

The new LLP accounting rules will be effective for periods commencing on or after 1 July 2024 with early adoption permitted.

Additional guidance has been added to the SORP in relation to:

• the sharing of group profits and amounts payable to former members;

• post-retirement obligations in the context of FRS 103 Insurance Contracts;

• certain scenarios when section 26 Share-based Payment of FRS 102 might apply to postretirement payments to members; and