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The Large and Medium-sized Limited Liability Partnerships (Accounts) Regulations 2008

Draft. This instrument was laid in draft and may differ from the one made. Look for the made version under its title.

Draft 2008, ISBN 9780110818351

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Draft Regulations laid before Parliament under section 17(4) and (5)(b) of the Limited Liability Partnerships Act 2000, for approval by resolution of each House of Parliament.

Limited Liability Partnerships

Made *** 2008

Coming into force 1st October 2008

The Secretary of State makes the following Regulations in exercise of the powers conferred by sections 15 and 17 of the Limited Liability Partnerships Act 2000f1.

In accordance with section 17(4) and (5)(b) of the Limited Liability Partnerships Act 2000 a draft of this instrument was laid before Parliament and approved by a resolution of each House of Parliament.

Annotations to the whole text

Footnotes

f1

2000 c.12.

Contents

  1. Part 1: INTRODUCTION
  2. 1Citation and interpretation
  3. 2Commencement and application
  4. Part 2: FORM AND CONTENT OF ACCOUNTS
  5. 3Non-IAS individual accounts
  6. 4Medium-sized LLPs: exemptions for non-IAS individual accounts
  7. 5Information about related undertakings (non-IAS or IAS individual or group accounts)
  8. 6Non-IAS group accounts
  9. Part 3: INTERPRETATION
  10. 7General interpretation
  11. Signature
  12. Schedule 1: NON-IAS INDIVIDUAL ACCOUNTS
  13. Part 1: GENERAL RULES AND FORMATS
  14. GENERAL RULES
  15. 1Paragraph 1
  16. 2Paragraph 2
  17. 3Paragraph 3
  18. 4Paragraph 4
  19. 5Paragraph 5
  20. 6Paragraph 6
  21. 7Paragraph 7
  22. 8Paragraph 8
  23. 9Paragraph 9
  24. SECTION BTHE REQUIRED FORMATS FOR ACCOUNTS
  25. Part 2: ACCOUNTING PRINCIPLES AND RULES
  26. ACCOUNTING PRINCIPLES
  27. 10Preliminary
  28. 11Accounting principles
  29. 12Accounting principles
  30. 13Accounting principles
  31. 14Accounting principles
  32. 15Accounting principles
  33. HISTORICAL COST ACCOUNTING RULES
  34. 16Preliminary
  35. Fixed assets
  36. 17General rules
  37. 18Rules for depreciation and diminution in value
  38. 19Rules for depreciation and diminution in value
  39. 20Rules for depreciation and diminution in value
  40. 21Development costs
  41. 22Goodwill
  42. 23Current assets
  43. 24Current assets
  44. Miscellaneous and supplementary provisions
  45. 25Excess of money owed over value received as an asset item
  46. 26Assets included at a fixed amount
  47. 27Determination of purchase price or production cost
  48. 28Determination of purchase price or production cost
  49. 29Substitution of original stated amount where price or cost unknown
  50. ALTERNATIVE ACCOUNTING RULES
  51. 30Preliminary
  52. 31Preliminary
  53. 32Alternative accounting rules
  54. 33Application of the depreciation rules
  55. 34Additional information to be provided in case of departure from historical cost accounting rules
  56. 35Revaluation reserve
  57. FAIR VALUE ACCOUNTING
  58. 36Inclusion of financial instruments at fair value
  59. 37Determination of fair value
  60. 38Hedged items
  61. 39Other assets that may be included at fair value
  62. 40Accounting for changes in value
  63. 41The fair value reserve
  64. Part 3: NOTES TO THE ACCOUNTS
  65. 42Preliminary
  66. General
  67. 43Reserves
  68. 44Disclosure of accounting policies
  69. 45Disclosure of accounting policies
  70. Information supplementing the balance sheet
  71. 46Paragraph 46
  72. 47Loans and other debts due to members
  73. 48Debentures
  74. 49Fixed assets
  75. 50Fixed assets
  76. 51Fixed assets
  77. 52Investments
  78. 53Information about fair value of assets and liabilities
  79. 54Information about fair value of assets and liabilities
  80. 55Information about fair value of assets and liabilities
  81. 56Information where investment property and living animals and plants included at fair value
  82. 57Reserves and provisions
  83. 58Provision for taxation
  84. 59Details of indebtedness
  85. 60Guarantees and other financial commitments
  86. 61Miscellaneous matters
  87. Information supplementing the profit and loss account
  88. 62Paragraph 62
  89. 63Separate statement of certain items of income and expenditure
  90. 64Particulars of tax
  91. 65Particulars of turnover
  92. 66Particulars of members
  93. 67Miscellaneous matters
  94. 68Sums denominated in foreign currencies
  95. 69Dormant LLPs acting as agents
  96. 70Related party transactions
  97. Part 4: SPECIAL PROVISION WHERE LLP IS A PARENT LLP OR SUBSIDIARY UNDERTAKING
  98. 71LLP’s own accounts: guarantees and other financial commitments in favour of group undertakings
  99. Schedule 2: INFORMATION ON RELATED UNDERTAKINGS REQUIRED WHETHER PREPARING NON-IAS OR IAS ACCOUNTS
  100. Part 1: PROVISIONS APPLYING TO ALL LLPs
  101. 1Subsidiary undertakings
  102. 2Financial information about subsidiary undertakings
  103. 3Significant holdings in undertakings other than subsidiary undertakings
  104. 4Significant holdings in undertakings other than subsidiary undertakings
  105. 5Significant holdings in undertakings other than subsidiary undertakings
  106. 6Parent undertaking drawing up accounts for larger group
  107. 7Identification of ultimate parent
  108. Part 2: LLP NOT REQUIRED TO PREPARE GROUP ACCOUNTS
  109. 8Reason for not preparing group accounts
  110. 9Holdings in subsidiary undertakings
  111. 10Financial years of subsidiary undertakings
  112. 11Exemption from giving information about significant holdings in non-subsidiary undertakings
  113. 12Construction of references to shares held by LLP
  114. Part 3: LLP REQUIRED TO PREPARE GROUP ACCOUNTS
  115. 13Introductory
  116. 14Subsidiary undertakings
  117. 15Holdings in subsidiary undertakings
  118. 16Joint ventures
  119. 17Associated undertakings
  120. 18Requirement to give information about other significant holdings of parent LLP or group
  121. 19Construction of references to shares held by parent LLP or group
  122. Schedule 3: NON-IAS GROUP ACCOUNTS
  123. 1General rules
  124. 2General rules
  125. 3General rules
  126. 4General rules
  127. 5General rules
  128. 6Elimination of group transactions
  129. 7Acquisition and merger accounting
  130. 8Acquisition and merger accounting
  131. 9Acquisition and merger accounting
  132. 10Acquisition and merger accounting
  133. 11Acquisition and merger accounting
  134. 12Acquisition and merger accounting
  135. 13Acquisition and merger accounting
  136. 14Acquisition and merger accounting
  137. 15Acquisition and merger accounting
  138. 16Acquisition and merger accounting
  139. 17Minority interests
  140. 18Joint ventures
  141. 19Associated undertakings
  142. 20Associated undertakings
  143. 21Associated undertakings
  144. 22Related party transactions
  145. Schedule 4: GENERAL INTERPRETATION
  146. 1Financial instruments
  147. 2Financial instruments
  148. 3Fixed and current assets
  149. 4Historical cost accounting rules
  150. 5Listed investments
  151. 6Loans
  152. 7Materiality
  153. 8Participating interests
  154. 9Provisions
  155. 10Provisions
  156. 11Purchase price
  157. 12Staff costs
  158. Explanatory note