(1) Where the reasons for which any provision was made...
- Write back provisions in LLP accounts when reasons cease
UK Statutory Instrument
2008
United Kingdom
The Large and Medium-sized Limited Liability Partnerships (Accounts) Regulations 2008
At a glance
What's here
21 compliance obligations
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Schedules
Intangible Assets
- Disclose development cost write-off period and reasons in accounts
(1) Intangible assets must be written off over the useful...
- Write off intangible assets over useful economic life and disclose in accounts
Excess of money owed over value received as an asset item
- Write off excess debt over value received before repayment
Preliminary
- Present required notes to accounts in correct order
Disclosure of accounting policies
- Disclose accounting policies in annual accounts
Debentures
- Disclose debenture information in your annual accounts
Where any fixed assets of the LLP (other than listed...
- Disclose revaluation details of fixed assets in accounts notes
(1) In relation to any amount which is or would...
- Disclose land tenure split in your LLP balance sheet
Investments
- Disclose listed investments in annual accounts
Where the LLP has derivatives that it has not included...
- Disclose fair value and details of derivatives not at fair value in accounts
Details of indebtedness
- Disclose details of long-term and secured debts in your LLP accounts
Related party transactions
- Disclose material related party transactions not at market terms
Joint ventures
- Disclose details of joint ventures in consolidated accounts
Financial information about subsidiary undertakings
- Disclose financial information about subsidiaries not in consolidated accounts
Identification of ultimate parent
- Disclose ultimate parent in accounts
Reason for not preparing group accounts
- State reason for not preparing group accounts in annual accounts
Holdings in subsidiary undertakings
- State details of shares held in subsidiary undertakings
(1) Where an LLP adopts the merger method of accounting...
- Account for business combination using merger method
Any differences of accounting rules as between a parent LLP's...
- Explain any differences between parent LLP's individual and group accounts
Browse 142 other Schedules — structural / supplementary
(1) Subject to the following provisions of this Schedule—
Preliminary
Accounting principles
Accounting policies and measurement bases must be applied consistently within...
The amount of any item must be determined on a...
All income and charges relating to the financial year to...
In determining the aggregate amount of any item, the amount...
The opening balance sheet for each financial year must correspond...
Preliminary
General rules
Rules for depreciation and diminution in value
(1) Where a fixed asset investment falling to be included...
(1) The members of the LLP may adapt one of...
(1) Where in accordance with paragraph 1 an LLP's balance...
Current assets
(1) If the net realisable value of any current asset...
Assets included at a fixed amount
Determination of purchase price or production cost
(1) The purchase price or production cost of—
Substitution of original stated amount where price or cost unknown
Equity method in respect of participating interests
(1) Any item required to be shown in an LLP's...
Preliminary
Subject to paragraphs 33 to 35, the amounts to be...
Alternative accounting rules
Application of the depreciation rules
Additional information to be provided in case of departure from historical cost accounting rules
Revaluation reserve
Inclusion of financial instruments at fair value
Determination of fair value
Hedged items
Other assets that may be included at fair value
(1) Where the special nature of the LLP's business requires...
Accounting for changes in value
The fair value reserve
Reserves
It must be stated whether the accounts have been prepared...
Paragraphs 47 to 61 require information which either supplements the...
Loans and other debts due to members
Fixed assets
(1) Subject to sub-paragraph (2), the members must not include...
Information about fair value of assets and liabilities
(1) This paragraph applies if— (a) the LLP has financial...
Information where investment property and living animals and plants included at fair value
Reserves and provisions
Provision for taxation
Every profit and loss account must show the amount of...
Guarantees and other financial commitments
Miscellaneous matters
Paragraphs 63 to 67 require information which either supplements the...
Separate statement of certain items of income and expenditure
Particulars of tax
Particulars of turnover
Particulars of members
Miscellaneous matters
Sums denominated in foreign currencies
Dormant LLPs acting as agents
(1) For every item shown in the balance sheet or...
Post balance sheet events
Appropriations
LLP's own accounts: guarantees and other financial commitments in favour of group undertakings
Amounts in respect of items representing assets or income may...
The members of the LLP must, in determining how amounts...
Where an asset or liability relates to more than one...
Subsidiary undertakings
Financial years of subsidiary undertakings
Exemption from giving information about significant holdings in non-subsidiary undertakings
Construction of references to shares held by LLP
Introductory
Subsidiary undertakings
Holdings in subsidiary undertakings
Associated undertakings
Requirement to give information about other significant holdings of parent LLP or group
Construction of references to shares held by parent LLP or group
Significant holdings in undertakings other than subsidiary undertakings
(1) The name of the undertaking must be stated.
(1) Subject to paragraph 12, there must also be stated—...
Parent undertaking drawing up accounts for larger group
General rules
The conditions for accounting for an acquisition as a merger...
(1) Where a group is acquired, paragraphs 9 to 11...
(1) The following information with respect to acquisitions taking place...
(1) There must also be stated in a note to...
Where during the financial year there has been a disposal...
The information required by paragraph 13, 14 or 15 need...
Where an acquisition has taken place in the financial year...
Non-controlling interests
Joint ventures
Associated undertakings
(1) The consolidated balance sheet and profit and loss account...
(1) The formats set out in Schedule 1 to these...
(1) The interest of an undertaking in an associated undertaking,...
Related party transactions
Deferred tax balances
(1) Where assets and liabilities to be included in the...
Amounts that in the particular context of any provision of...
Elimination of group transactions
Acquisition and merger accounting
An acquisition must be accounted for by the acquisition method...
(1) The acquisition method of accounting is as follows.
Financial instruments
References to provisions for liabilities are to any amount retained...
Purchase price
Staff costs
(1) The expressions listed in sub-paragraph (2) have the same...
Fixed and current assets
Historical cost accounting rules
Listed investments
Loans
Materiality
Participating interests
Provisions
The amount of any convertible loans must be shown separately....
(6) Payments received on account
Payments received on account of orders must be shown for...
(7) Other creditors including taxation and social security
The amount for creditors in respect of taxation and social...
(8) Accruals and deferred income
The two positions given for this item in Format 1...
The two positions given for this item in Format 2...
(9) Net current assets (liabilities)
In determining the amount to be shown for this item...
(1) Concessions, patents, licences, trade marks and similar rights and assets
(10) Loans and other debts due to members
The following amounts must be shown separately under this item—...
(11) Creditors
Format 2 1. Turnover 2. Change in stocks of finished...
(12) Cost of sales: distribution costs: administrative expenses
These items must be stated after taking into account any...
(13) Income from other fixed asset investments: other interest receivable and similar income
Income and interest derived from group undertakings must be shown...
(14) Interest payable and similar expenses
The amount payable to group undertakings must be shown separately....
Amounts in respect of assets are only to be included...
(15) Format 1
(2) Goodwill
Amounts representing goodwill are only to be included to the...
(3) Debtors
The amount falling due after more than one year must...
(4) Prepayments and accrued income
This item may be shown in either of the two...
(5) Debenture loans
sch. 1
- Prepare accounts using the correct format and show prior-year comparatives
Browse 9 other sections — procedural / definitional / commencement
Citation and interpretation
Commencement and application
Non-IAS individual accounts
Medium-sized LLPs: exemptions for non-IAS individual accounts
Information about related undertakings (non-IAS or IAS individual or group accounts)
Non-IAS group accounts
General interpretation
Review
Amounts falling due within one year and after one year...
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