CCAB has published an updated draft of its Statement of Recommended Practice for accounting by Limited Liability Partnerships (the LLPs SORP) for comment.
The LLPs SORP supplements the financial reporting requirements of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, providing additional guidance on certain issues specific to LLPs.
The draft LLPs SORP includes proposed amendments resulting from changes to FRS 102 and company size thresholds in the UK. In addition, amendments are proposed in response to feedback received as part of previous consultations on the LLPs SORP.
Changes to FRS 102
The recent periodic review of UK GAAP undertaken by the Financial Reporting Council (FRC) led to significant changes to FRS 102, which are mostly effective from 1 January 2026. However, as the LLPs SORP supplements, rather than duplicates, the requirements of FRS 102, only limited updates to the LLPs SORP are proposed in response to UK GAAP changes.
Most notable are the proposed amendments to disclosure requirements for small LLPs. Echoing the FRC’s approach to FRS 102 Section 1A Small entities, the draft LLPs SORP includes proposed amendments to require, rather than encourage, small LLPs to make certain additional disclosures.
Other proposals
Other notable proposals in the draft LLPs SORP relate to post-retirement payments to members and the presentation of members’ remuneration. While no changes to the underlying requirements or guidance relating to post-retirement payments to members are proposed, this section of the draft SORP includes amendments aimed at improving the overall flow of the document.
Additionally, two paragraphs have been added to the draft that would allow a parent LLP an accounting policy choice as to where to present subsidiary LLP members’ remuneration when those members are not also members of the parent LLP.
It is proposed that the updated SORP would be effective for periods commencing on or after 1 January 2026.
Respond to the consultation
Comments on the draft LLPs SORP should be submitted to CCAB by 22 July 2025.
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