Paragraph 57 Reserves and provisions

United Kingdom

(1)

This paragraph applies where any amount is transferred—

(a)

to or from any reserves, or

(b)

to any provision for liabilities, or

(c)

from any provision for liabilities otherwise than for the purpose for which the provision was established,

and the reserves or provisions are or would but for paragraph 4(2)(b) be shown as separate items in the LLP's balance sheet.

(2)

The following information must be given in respect of the aggregate of reserves or provisions included in the same item F1in tabular form—

(a)

the amount of the reserves or provisions as at the date of the beginning of the financial year and as at the balance sheet date respectively,

(b)

any amounts transferred to or from the reserves or provisions during that year, and

(c)

the source and application respectively of any amounts so transferred.

(3)

Particulars must be given of each provision included in the item “other provisions” in the LLP's balance sheet in any case where the amount of that provision is material.

Annotations

Textual amendments

F1: Words in Sch. 1 para. 57(2) inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 56(d)