Paragraph 1.5 ‘Early application by a micro-entity that is an LLP or a qualifying partnership is:
a) permitted for accounting periods beginning on or after 1 January 2015 provided that The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (SI 2016/575) are applied from the same date; and
b) required if the LLP or qualifying partnership applies The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (SI 2016/575) to a reporting period beginning before 1 January 2016.’
The amendments set out the typical changes that are expected when describing format headings. For example ‘Called up share capital not paid’ shall not be used and ‘Loans and other debts due to members’ and ‘Members’ other interests’ shall be used instead of ‘Capital and reserves’.
Although it is available for adoption early, software availability may be an issue. For those with FRS105 accounting software the headings as described above will need to be amended.