The Consultative Committee of Accountancy Bodies has issued a proposal to amend the Statement of Recommended Practice ("SORP") for LLPs. The current SORP for LLPs was issued in 2006. The proposal reflects the legal and accounting developments since then, eg, the implementation of the Companies Act 2006 and amendments to accounting standards that could impact on the presentation of partnership interests in the accounts as debt or equity.
The proposed effective date for the SORP is for accounting periods beginning on or after 1 January 2010. Comments on the proposed changes are due by 6 November 2009.