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Accounting for limited liability partnerships

Published: 27 Jan 2017 Updated: 22 May 2024 Update History

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 (SORPs), guidance and news.

Statements of Recommended Practice (SORPs)

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
New edition of the the LLPs SORP, published in May 2024. The SORP is effective for periods commencing on or after 1 July 2024, with early adoption permitted.

Statement of Recommended Practice: Accounting by Limited Liability Partnerships
Effective for periods commencing on or after 1 January 2022 with early adoption permitted. This updated edition of the LLPs SORP was issued in December 2021 and includes changes to the definitions and additional guidance.

Timeline of previous SORPs, exposure drafts and ICAEW responses

ICAEW guidance and support

Allocation of losses in LLPs
Technical Advisory Service, January 2019
Brief helpsheet explaining whether losses need to be allocated to members within an LLP's accounts.

Useful links

Life of a limited liability partnership (LLP): Relevant legislation
Companies House
Guidance that includes updated links to the main legislation that applies to LLPS, including the Limited Liability Partnerships Act 2000 and other regulations and Statutory Instruments.

LLP accounts
Guidance produced by Companies House on filing accounts for LLPs, covering micro-entity accounts, small LLPs, audit exemption, medium-sized LLP accounts, dormant LLP accounts, and subsidiary LLPs. Updated in June 2022.

Bloomsbury Accounting and Tax Service

Eligible firms have free access to Bloomsbury Professional's comprehensive online library, comprising around 80 titles from some of the country's leading tax and accounting subject matter experts. Find out who is eligible and how you can access the Bloomsbury Accounting and Tax Service.

Terms of use

You are permitted to access, download, copy, or print out content from eBooks for your own research or study only, subject to the Acceptable usage terms.

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 and books in the ICAEW Library collection

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