UK GAAP - limited liability partnerships

Partnerships are not required to prepare their accounts under full UK accounting standards and few do this voluntarily, choosing instead to adopt accounting policies that are straightforward to administer or are felt to achieve better equity between partners. On the other hand, an LLP is required by law to prepare full statutory accounts in accordance with accounting standards, and, unless the LLP is small enough to be exempt, these must be subject to an audit.

A revised LLP statement of recommended practice (SORP) was issued in March 2006, leading to major changes to the financial statements of many LLPs.

• Those considering the switch from partnership to LLP
• Those new to accounting for LLPs
• Existing employees looking to refresh or consolidate their knowledge
• Auditors of LLPs.

The speaker will be drawn from a pool of qualified professionals who specialise in this subject. Having worked for leading organisations they will relate the course content to real life case studies.

• the law and practice of LLPs
• general accounting requirements and the LLP SORP
• the contents of the annual report and financial statements
• members' remuneration and interests
• retirement benefits
• taxation
• revenue recognition
• provisions
• other relevant accounting standards
• the transition from partnership to LLP.

The course will start at 9.30am and end at 12.45pm. Refreshments are provided.

3 CPD hours (where applicable)

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