A New Standard
Nick Carter-Pegg and Tim Young set out the practicalities of dealing with new accounting standards that have affected the UK's limited liability partnerships
International financial reporting standards (IFRSs) have begun to influence the accounts of UK limited liability partnerships (LLPs), even those that continue to follow UK accounting standards for the preparation of their accounts. Why? Because UK accounting standards are being updated to ‘converge’ with IFRSs and one such convergence issue has been introduced via FRS25: financial instruments disclosure and presentation. This in turn has required a revision of the LLP statement of recommended practice, which provides specific guidance for applying UK accounting standards to LLPs.
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