August 2023

Contents

PREFACE
Background to the SORP
CCAB Steering Group
Review of the SORP
Future editions of the SORP
Note on legal issues
INTRODUCTION
Accounting requirements 1. - 1E.
Scope and objectives 2. - 3B.
Measurement 4. - 5.
Format and terminology 6. - 7.
Definitions 8. - 24.
The contents of the annual report and financial statements 25. - 26C.
Accounting by small LLPs 27. - 29.
Disclosures 30. - 31.
THE APPLICATION OF GENERALLY ACCEPTED ACCOUNTING PRACTICE (GAAP) TO LLPs
Members’ Remuneration and Interests 31A. - 74C.
Retirement Benefits 75. - 133.
APPENDIX 1: EXAMPLES SHOWING THE PRESENTATION OF MEMBERS’ INTERESTS
APPENDIX 2: LIABILITY AND EQUITY ELEMENTS OF MEMBERS’ INTERESTS 4. - 8.
APPENDIX 3: FLOWCHARTS FOR ANALYSING THE APPLICATION OF THE PUTTABLES EXCEPTION
APPENDIX 4: MERGER ACCOUNTING ON INITIAL TRANSITION OF AN EXISTING UNDERTAKING TO A SINGLE-ENTITY LLP FORMED FOR THE PURPOSE 1. - 4.
APPENDIX 5: LEGAL OPINION
APPENDIX 6: BASIS FOR CONCLUSIONS BC1. - BC3.

This SORP does not purport to deal with all possible questions and issues that may arise in any given situation. CCAB and the authors do not accept responsibility for loss caused to any person who acts or refrains from acting in reliance on the material in this publication, whether such loss is caused by negligence or otherwise.

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