The recent changes in UK accounting standards, as part of a strategy of convergence with International Financial Reporting Standards (IFRS), raised significant issues that need to be addressed by Limited Liability Partnerships (LLPs).

The most significant of these was the introduction of FRS 25 (IAS 32)Financial Instruments – Disclosure and Presentation. This culminated inThe Consultative Committee of Accountancy Bodies (CCAB) introducing a revised Statement of Recommended Practice (SORP) on accounting by LLPs in March 2006.

A Baker Tilly article from the publication "Professional Practice" explores this in more detail.

For the full article, please see the PDF top right of page.