Release by the UK Department for Business, Innovation & Skills (BIS)
Consultation outcome – Limited liability partnerships (LLPs) and qualifying partnerships: deregulatory changes
Full outcome
Published: 19 February 2016
Deregulatory changes for limited liability partnerships (LLPs) and qualifying partnerships: government response
Detail of outcome
We will introduce legislation to align the financial reporting regimes for Limited Liability Partnerships (LLPs) and companies, and introduce new ‘micro-entities regimes’ for LLPs and qualifying partnerships.
The changes include:
– raising thresholds used to determine the size of LLPs
– limiting the number of mandatory notes required of small LLPs
– giving LLPs the opportunity to use alternative layouts when preparing their profit and loss accounts and balance sheet
– allowing small LLPs to prepare an abridged balance sheet and profit and loss account
– permitting the use of the ‘equity method’ in individual LLP statements
Feedback received
Published: 18 January 2016
Detail of feedback received
We received 13 responses from various organisations including:
– chartered accountancy bodies (2)
– accounting firms (7)
– representatives and other bodies (4)
