# The Small Limited Liability Partnerships (Accounts) Regulations 2008, Paragraph 22: Goodwill


(1) The application of paragraphs 17 to 20 in relation to goodwill (in any case where goodwill is treated as an asset) is subject to the following.
(2) Subject to sub-paragraph (3), the amount of the consideration for any goodwill acquired by an LLP must be reduced by provisions for depreciation calculated to write off that amount systematically over a period chosen by the members of the LLP.
(3) The period chosen must not exceed the useful economic life of the goodwill in question.
(4) In any case where any goodwill acquired by an LLP is shown or included as an asset in the LLP’s balance sheet there must be disclosed in a note to the accounts—
(a) the period chosen for writing off the consideration for that goodwill, and
(b) the reasons for choosing that period.

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Source: https://www.legislation.gov.uk/ukdsi/2008/9780110818344/schedule/1/paragraph/22 (the official version)
Page: https://openlegislation.uk/draft-small-limited-liability-partnerships-accounts-regulations-2008/schedule-1/paragraph-22
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.