# The Small Limited Liability Partnerships (Accounts) Regulations 2008, Paragraph 28: Determination of purchase price or production cost


(1) The purchase price or production cost of—
(a) any assets which fall to be included under any item shown in an LLP’s balance sheet under the general item “stocks”, and
(b) any assets which are fungible assets (including investments),
may be determined by the application of any of the methods mentioned in sub-paragraph (2) in relation to any such assets of the same class, provided that the method chosen is one which appears to the members to be appropriate in the circumstances of the LLP.
(2) Those methods are—
(a) the method known as “first in, first out” (FIFO),
(b) the method known as “last in, first out” (LIFO),
(c) a weighted average price, and
(d) any other method similar to any of the methods mentioned above.
(3) For the purposes of this paragraph, assets of any description must be regarded as fungible if assets of that description are substantially indistinguishable one from another.

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Source: https://www.legislation.gov.uk/ukdsi/2008/9780110818344/schedule/1/paragraph/28 (the official version)
Page: https://openlegislation.uk/draft-small-limited-liability-partnerships-accounts-regulations-2008/schedule-1/paragraph-28
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.