New regulations make changes to the accounting regulatory framework for LLPs to bring it into line with changes made in 2015 to the accounting regulatory framework for companies.
In particular the regulations:
- increase the thresholds used to determine the size of an LLP in line with those which apply to companies;
- align the audit provisions for LLPs with those for companies;
- make revisions to the small, medium-sized and dormant LLP accounting regimes; and
- introduce a micro-entity regime for LLPs.
The regulations also make certain related changes for qualifying partnerships.
The regulations apply to financial years on or after 1 January 2016. However, an LLP or qualifying partnership may apply the amended rules to financial years beginning on or after 1 January 2015 if it has not already delivered a copy of its accounts for that financial year to Companies House.