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Partnership accounts: The new LLP SORP accounting rules

Steve Gale outlines how the accounting rules for UK limited liability partnerships will change from 1 January 2015

24 October 2014

The Statement of Recommended Practice Accounting by Limited Liability Partnerships (the LLP SORP), issued in July 2014, is the fourth version published since LLPs were introduced into UK legislation in 2001.

Within UK Generally Accepted Accounting Practice (UK GAAP), SORPs are not strictly mandatory, although compliance with the recommendations of a SORP is required in order for financial statements to give a true and fair view.

The new LLP SORP is an update to the previously published versions, essentially to ensure that its requirements are consistent with the provisions of Financial Reporting Standard 102 (FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland, which is applicable f...

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