Regulation 3 Non-IAS individual accounts

Regulation 3 of the Small Companies Accounts Regulations applies to LLPs, modified so that it reads as follows—

“Non-IAS individual accounts

3

(1)

F1Subject to the following provisions of this regulation and regulation 5A, non-IAS individual accounts under section 396 of the 2006 Act (non-IAS individual accounts) must comply with the provisions of Schedule 1 to the Small Limited Liability Partnerships (Accounts) Regulations 2008 M1 as to the form and content of the balance sheet and profit and loss account, and additional information to be provided by way of notes to the accounts.

F2(1A)

Sections C (alternative accounting rules) and D (fair value accounting) in Part 2 of Schedule 1 to these Regulations do not apply to an LLP which qualifies as a micro-entity in relation to a financial year (see sections 384A and 384B of the 2006 Act) and whose accounts for that year are prepared in accordance with the exemption permitted by—

(a)

regulation 5A, or

(b)

paragraph 1(1A) of Section A in Part 1 of Schedule 1 to these Regulations.

F3(2)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)

Accounts are treated as having complied with any provision of Schedule 1 to the Small Limited Liability Partnerships (Accounts) Regulations 2008 if they comply instead with the corresponding provision of Schedule 1 to the Large and Medium-sized Limited Liability Partnerships (Accounts) Regulations 2008 M2.”

The provisions of Schedule 1 to the Small Companies Accounts Regulations apply to LLPs, modified so that they are the provisions set out in Schedule 1 to these Regulations.