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
Draft Statement of Recommended Practice Accounting by Limited Liability Partnerships
Exposure draft published by the CCAB in August 2023 for consultation. The comment period closed on 27 October 2023.
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 LLP SORP was issued in December 2021 and includes changes to the definitions and additional guidance.
Timeline of previous SORPs, exposure drafts and ICAEW responses
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2023
Draft Statement of Recommended Practice Accounting by Limited Liability Partnerships
Exposure draft published by the CCAB in August 2023 for consultation. The comment period closed on 27 October 2023. -
2021
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 LLP SORP was published on 17 December 2021 and includes changes to the definitions and additional guidance.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
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.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).
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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.
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.
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Online articles
Articles and books in the ICAEW Library collection
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