Jun

29

Accounts and Audit of Limited Liability Partnerships

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Purchase this book.

Accounts and Audit of Limited Liability Partnerships, Fourth Edition offers comprehensive guidance on how to apply UK GAAP to limited liability partnerships, clearly explaining the new requirements resulting from the implementation of FRS 102. The principles and practice of accounting for members’ interests, retirement benefits and groups are also addressed in detail.

Practical tips to simplify daily challenges

Written by a specialist whose client base consists primarily of LLPs, this book is packed full of real-life examples to aid understanding of the key concepts and complexities in LLP accounting. Additional practical assistance includes tips, best practice principles, model auditors’ reports and pro forma accounts for both groups and single LLPs.

The very latest guidance

With the financial reporting landscape undergoing significant change, this timely fourth edition is fully updated to cover:

  • The Statement of Recommended Practice (SORP) on Accounting by Limited Liability Partnerships 2014
  • Merger accounting for group reconstructions under FRS 102
  • The ways in which FRS 102’s requirements relating to financial liabilities differ from the current UK GAAP regime
  • The introduction of the option to produce a single statement of comprehensive income
  • Relevant legislation: Limited Liability Partnership Act 2000; Companies Act 2006; Small Limited Liability Partnerships (Accounts) Regulations 2008; Large and Medium-sized Limited Liability Partnerships (Accounts) Regulations 2008

Keep pace with industry change

Since the Limited Liability Partnerships Act 2000 came into force in 2001, the number of LLPs has increased significantly. Couple this trend with the mandatory implementation of FRS 102 and it soon becomes apparent that staying abreast of developments is a top priority for professionals in this sector.

Who should buy this book?

Accounts and Audit of Limited Liability Partnerships is an invaluable resource for tax advisers and accountants with existing LLP clients or clients considering conversion to LLP status, as well as auditors and finance teams in LLPs

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About the Author ()

Steve Collings is the audit and technical director at Leavitt Walmsley Associates Ltd and the author of 'Interpretation and Application of International Standards on Auditing'. He is also the author of 'IFRS For Dummies' and 'The AccountingWEB Guide to IFRS'. More about Steve's publications can be found by clicking on the 'Published Work' tab on the homepage. Steve is also a regular contributor of articles to www.accountingweb.co.uk, the UK's largest resource for professional accountants on a free subscription basis and is a member of the Society of Authors. Steve is an Editorial Board member for Wiley Insight IFRS and sits on the AAT's Financial Reporting Technical Panel. In 2011 Steve was named 'Accounting Technician of the Year' at the British Accountancy Awards and won 'Outstanding Contribution to the Accountancy Profession' by the Association of International Accountants in 2013. Follow Steve on Twitter - @stecollings

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