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Northern Society of Chartered Accountants

At the heart of northern business since 1882

LLPs – Getting the accounts right!

Date: 15 November 2016 13:30 - 16:30

Type: Audit Assurance and Financial Reporting, Course

Organiser: Tyne and Wear

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.

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Newcastle Gateshead Marriott Hotel Metro Centre

Metro Centre
NE11 9XF

Tel No: 0191 493 2233


Bill Telford  – Telford Financial Training Ltd

Bill Telford – Telford Financial Training Ltd

Bill qualified as an accountant with an international big four firm in 1975 and has spent the last 30 years in education and training. In 2000, he joined Baker Tilly as National Training Director and he has served on both the ICAEW Council the Learning & Professional Development Board. He has recently retired as a partner with Baker Tilly and is now trading as a freelance lecturer and training consultant.

How to book

The easiest way to book is online by clicking the button to Book Online at icaew.com – you will be able to log into your account at icaew.com and pay with your debit or credit card.

You can also telephone the ICAEW central events booking team on 01908 248159 and pay over the phone.

Alternatively you can download a booking form or book by email.