Paragraph 64 Related party transactionsF1
Particulars may be given of transactions which the LLP has entered into with related parties, and must be given if such transactions are material and have not been concluded under normal market conditions with—
members of the LLP that are related parties; and
undertakings in which the LLP itself has a participating interest.
Particulars of the transactions required to be disclosed under sub-paragraph (1) must include—
the amount of such transactions,
the nature of the related party relationship, and
other information about the transactions necessary for an understanding of the financial position of the LLP.
Information about individual transactions may be aggregated according to their nature, except where separate information is necessary for an understanding of the effects of the related party transactions on the financial position of the LLP.
Particulars need not be given of transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is a party to the transaction is wholly-owned by such a member.
In this paragraph “related party” has the same meaning as in F2UK-adopted international accounting standards.
Annotations
Textual amendments
- F1
Sch. 1 paras. 62-64 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), 41(n)
- F2
Words in Sch. 1 para. 64(5) substituted (31.12.2020) by The International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/685), reg. 1(2), Sch. 1 para. 59(b) (with reg. 1(3)(4)) (as amended by S.I. 2020/523, regs. 1(2), 22); 2020 c. 1, Sch. 5 para. 1(1)