The BIS is consulting on proposals to change the financial reporting requirements for LLPs and to introduce a new micro-entity accounting regime for LLPs and qualifying partnerships. The main proposed changes to the accounting and audit requirements for LLPs include: (i) increasing thresholds used to determine the size of LLPs; (ii) allowing small LLPs to prepare an abridged balance sheet and profit and loss account if approved by all members of an LLP; (iii) limiting the number of mandatory notes required of small LLPs; and (iv) permitting the use of the equity method in individual LLP statements. The intention is for the new requirements to apply to financial years commencing on or after 1 January 2016.