LLPs - Understanding Their Accounting Requirements

This course will provide an understanding of LLPs, together with the relevant legislation and reporting requirements, and will use practical examples to illustrate the issues that often cause difficulty. It is designed to provide an understanding of the nature of LLPs and how they differ from other business structures in terms of accounting, including the specific LLP SORP which applies to LLP accounts. 

Content 

• The legal framework for LLPs  
• Conversion issues for an existing partnership and use of LLPs by investment funds (Private Equity) 
• Members’ agreements  
• Tax treatment of LLPs  
• LLP financial statements – what’s different?  
• Debt and equity interests  
• Members’ remuneration  
• Analysis of members’ interests  
• The LLP SORP – impact of recent changes to UKGAAP (including FRED 82) on the SORP  
• Current reporting requirements for LLPs and examples from LLP financial statements  
• Audit issues  

The content for online courses predating 2024 may vary.