Northern Society of Chartered Accountants

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LLPs – Getting the accounts right!

LLP’s are increasingly being used to provide limited liability while retaining the tax benefits of partnerships.

There are currently over 50,000 LLPs registered under the Companies Act 2006 and related legislation.

Three important changes will impact of the accounts of LLPS:

• The extension of the micros regime to LLPs and the harmonisation of company law accounts preparation rules with those of companies;
• FRS 102 and the revised SORP;
• Changes in the taxation treatment of some members.

This course is designed to ensure that delegates can understand how LLPs operate and apply the provisions of the legislation, prepare accounts which comply with the SORP and accounting regulations and conduct an audit taking into account the specific issues relevant to LLPs.

Content will include:

• The legal background

• Setting up an LLP
• Members and designated members
• Running an LLP
  • Why use an LLP
• Comparison between LLP, general partnership and limited company
  • The implications of FRS 102 and the requirements of the revised SORP
• Debt and equity – understanding the treatment of capital and other monies contributed by / due to members
• Treatment of remuneration due to members
• Analysis of members interests
• Implications of changes in tax treatment of some members
• Accounting problem areas

This event is for partners and staff involved preparing or reporting on the accounts of LLPs.