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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
  • Legislation
  • Bloomsbury Core Accounting and Tax Service
  • 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 2019
Effective for periods commencing on or after 1 January 2019. This updated edition of the LLP SORP was issued in December 2018 and reflects changes arising from the 2017 triennial review of FRS 102.

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.

Legislation

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.

Bloomsbury Core Accounting and Tax Service

Eligible firms have free access to Bloomsbury Professional's comprehensive online library, comprising more than 60 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 Core Accounting and Tax Service.

Accounts and audit of limited liability partnerships
Steve Collings, Bloomsbury Professional (2020)
Provides comprehensive guidance on how to apply UK GAAP to limited liability partnerships, taking readers through all the requirements for LLP accounting as a result of the implementation of FRS 102 and the revised LLP SORP. Includes worked examples and pro-forma accounts for both group and single LLPs.

Limited liability partnerships
Julia Penny, Bloomsbury Professional (2021)
A chapter on accounting for limited liability partnerships (LLPs) under UK GAAP, in this accessible introduction to the accounting rules relevant to tax computations in the UK. Written for tax practitioners who wish to gain a better understanding of accounting rules in the UK.

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Other resources

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 December 2017.

FRS 102: Illustrative financial statements for LLPs
Set of model accounts produced by Grant Thornton in February 2016, showing group and parent company financial statements prepared for the first time in accordance with FRS 102 along with notes.

Timeline of previous SORPs, exposure drafts and ICAEW responses

2021

Draft Statement of Recommended Practice – Accounting by Limited Liability Partnership 2022
Exposure draft published by the CCAB in July 2021 for consultation. The comment period closed in September 2021. The CCAB has also released an article summarising the proposals, published on 5 July 2021.

2018

Draft Statement of Recommended Practice – Accounting by Limited Liability Partnerships 2019
Draft SORP published by the CCAB in August 2018 for consultation. The comment period closed in October 2018.

2017

Statement of Recommended Practice: Accounting by Limited Liability Partnerships
Effective for periods commencing on or after 1 January 2016. Revised SORP issued on 26 January 2017 for LLPs incorporated in Great Britain. The updated SORP reflects changes to UK accounting standards and to LLP regulations issued in May 2016.

2016

Draft Statement of Recommended Practice: Accounting by Limited Liability Partnerships
Draft SORP published by the CCAB in August 2016 for consultation. The deadline for comments was 1 November 2016 and the proposed changes will be effective for financial years beginning on or after 1 January 2016. Archived link provided by the Internet Archive.

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. An outcome response was issued in February 2016. The government will introduce legislation to align the financial reporting regimes for LLPs and companies, and introduce new ‘micro-entities regimes’ for LLPs and qualifying partnerships.

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

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

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. Archived link provided by the Internet Archive.

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. Archived link provided by the Internet Archive.

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. Link to Library catalogue.

2006

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

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. Archived link provided by the Internet Archive.

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 on 30 September 2005 for comment by 31 December 2005. Link to Library catalogue.

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 (archived link provided by the Internet Archive).

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. Archived link provided by the Internet Archive.

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 leading business, finance and management journals. These journals are available 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

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