PracticeConsultingASB backs plans to develop accounting rules for LLPs

ASB backs plans to develop accounting rules for LLPs

The Accounting Standards Board has given the profession's umbrella body its approval to go ahead with plans to develop a new statement of recommended practice on accounting for limited liability partnerships.

With the Limited Liability Partnerships Bill currently going through parliament, the first LLPs are expected to be formed early next year.

The Consultative Committee of Accountancy Bodies – comprising the English, Scots and Irish ICAs, CIMA, ACCA and CIPFA – will now go ahead and develop the new statement.

Accountancy firms are expected to be among the most significant groups to use the new business vehicle.

But as LLPs will not be restricted to accountants or other professional groups, the CCAB’s application to the ASB for recognition was made on the basis that it would involve the other main groups likely to adopt LLP status.

ASB approves plans to develop SORP for LLPs

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