A revised version of the LLP SORP has been published, updating its provisions for the 2017 Triennial review of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.
The CCAB considered whether the 2017 Triennial Review amendments created any issues specific to LLPs and concluded that only limited although important changes to the SORP were required. A public consultation on the proposed changes was published on 1 August 2018, and comments received were considered before the new version of the SORP was finalised.
The changes include updates to the guidance on:
Additional guidance is provided on the revised recognition rules for intangibles assets acquired in a business combination and minor clarifications have also been made to the SORP where required to maintain consistency with the revised FRS 102.
The December 2018 version of the SORP is effective for periods commencing on or after 1 January 2019. Early adoption is permitted, provided all amendments are adopted from the same date, although there are some limited exceptions to this rule.