PracticeConsultingOpinion – Disclosure for protection.

Opinion - Disclosure for protection.

Most accounting firms, it has to be said, still have some way to go if they are to practise the transparency they preach. True, there is no law requiring disclosure of information as sensitive as partner income.

But particularly for the bigger firms – which have to ensure listed companies do disclose the equivalent information themselves – the lack of reciprocation is something that sticks in the craw of many mandarins, MPs and media commentators alike.

And that why the new Limited Liability Partnership Bill – which takes effect next week – offers a perfect opportunity for accountancy to demonstrate to outsiders that it is a transparent profession. The corporate-partnership hybrid that is LLP demands disclosure. But it offers greater protection for partners in return. Surely that is a fair exchange.

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