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Accounting for limited liability partnerships

Accounting for limited liability partnerships (LLPs) is a specialist area that requires expertise and an understanding of the business structure. On this page you can access a range of articles, books and online resources providing quick links to Statements of Recommended Practice, guidance and news.

What's on this page?

  • Statements of Recommended Practice
  • ICAEW guidance and support
  • Other resources
  • Online articles
  • Books and articles from the library

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Statements of Recommended Practice

Issuing body

Statements of Recommended Practice (SORPs) relating to LLPs are issued by the Consultative Committee of Accountancy Bodies (CCAB).

Sources for the SORP and associated guidance

Statement of Recommended Practice: Accounting by Limited Liability Partnerships
Revised SORP issued on 15 July 2014 for LLPs incorporated in Great Britain.

ICAEW guidance and support

Solictors Group
The special interest group provides practical support to chartered accountants within the sector. It offers news updates, technical guidance, as well as conferences and seminars.

Other resources

Limited liability partnerships (LLPs): Plans for accounting under micro-entities regime
Accountancy, January 2016
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. This article considers the options.

Archived documents

2015

Limited liability partnerships (LLPs) and qualifying partnerships: Deregulatory changes
Consultation from BIS on proposed deregulatory changes for limited liability partnerships and qualifying partnerships following the implementation of the EU Accounting Directive. The consultation period ended on 21 December 2015.

ICAEW REP 177/15 De-regulatory changes for Limited Liability Partnerships (LLPs) and Qualifying Partnerships
Representation issued by ICAEW's Financial Reporting Faculty in December 2015 in response to the BIS consultation.

2014

Draft Statement of Recommended Practice: Accounting by limited liability partnerships
Exposure draft of a revised SORP published by the CCAB in October 2013. The consultation ended on 10 January 2014.

2010

Statement of Recommended Practice (SORP) on Accounting by Limited Liability Partnerships (LLPs)
Revised SORP issued on 31 March 2010. The SORP applies UK Generally Accepted Accounting Practice (GAAP) to LLPs incorporated in Great Britain.

2009

Exposure draft of a revised Statement of Recommended Practice on accounting by Limited Liability Partnerships
Draft issued by the CCAB on 3 August 2009.

LLPs SORP exposure draft markup to 2006
Guide to proposed changes to the SORP published by the CCAB.

2006

Statement of Recommended Practice (SORP) on Accounting by Limited Liability Partnerships (LLPs)
Revised version of the SORP published on 31 March 2006.

A New Standard
Article published in Legal Week in June 2006, which looks at the impact of IFRS and the then-new SORP on LLP accounts.

Alert to practising firms from the Consultative Committee of Accountancy Bodies
Alert issued by the CCAB on 9 March 2006. The purpose of the alert was to draw practising firms attention to changes in accounting that are likely to have a major impact on the accounts of many LLPs.

2005

ICAEW REP 02/06 Accounting by Limited Liability Partnerships
Memorandum of comment submitted in December 2005 by the Institute of Chartered Accountants in England and Wales, in response to the CCAB's exposure draft of proposed amendments to the Statement of Recommended Practice (SORP) Accounting by Limited Liability Partnerships, published on 30 September 2005.

TECH 56/05 Accounting by Limited Liability Partnerships
Exposure Draft of a Statement of Recommended Practice on Accounting by Limited Liability Partnerships, issued by the CCAB's on 30 September 2005 for comment by 31 December 2005.

An exposure draft was published by the CCAB on 30 September 2005, as announced in the press release CCAB proposes new accounting rules for LLPs.

2002

Accounting by Limited Liability Partnerships
Statement issued by the CCAB in May 2002. Also published as Technical Release TECH 06/02 Accounting by Limited Liability Partnerships.

2001

Prior to the publication of the final SORP the ICAEW issued Memorandum of comment submitted to the Consultative Committee of Accountancy Bodies in October 2001 concerning the exposure draft of a Statement of Recommended Practice, 'Accounting by Limited Liability Partnerships', published in July 2001 (Technical Release TECH 17/01) outlining its comments on the proposals contained in the draft SORP in November 2001.

Online articles

The library provides access to a range of articles in full text from leading business, finance and management journals. Access to articles is provided to logged-in ICAEW members, ACA students and other entitled users subject to suppliers' terms of use.

Articles are available to logged-in ICAEW members, ACA students and other entitled users.

Articles and books in the Library collection

To find out how you can borrow books from the Library please see our guide to book loans. You can obtain copies of articles or extracts of books and reports by post, fax or email through our document supply service.

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