CCAB has issued its consultation document on the LLP SORP changes.
It includes amendments made as a result of the LLP Regulations changes in May 2016. These introduced changes to the financial reporting framework for LLPs, including raising the size thresholds and the creation of a new micro-entities regime for very small LLPs. These changes are effective for financial years beginning on or after 1 January 2016.
There are four questions asked these concern:
Small LLPs (FRS 102 Section 1A)
Ranking of loans and other debts
Statement of changes in equity
The consultation is open for comment until 1 November 2016.