Held to account
Law firms have been reluctant to take up LLPs because of confusion over accounting requirements, but write Tim Luddington and George Bull, a new Statement of Recommended Practice should help clarify things
LLPs have been available as new business entities since 6 April, 2001. So far conversion rate to date has been slow, partly because of uncertainty over the accounting requirements for LLPs. A major step towards the resolution of this was taken in late July, when the Consultative Committee of Accountancy Bodies issued a draft Statement of Recommended Practice (Sorp) on the accounting issues, which is open for comment until 31 October, 2001.
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