De-regulatory changes for limited liability partnerships (LLPs) and qualifying partnerships, ICAEW REP 177/15, 21st December 2015

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In Folder: ICAEW Representations, 2015

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De-regulatory changes for limited liability partnerships (LLPs) and qualifying partnerships, ICAEW REP 177/15, 21st December 2015

ICAEW response to the Department for Business Innovation and Skills consultation on de-regulatory changes for LLPs and qualifying partnerships, submitted on 21 December 2015 by the Financial Reporting Faculty. It supports aligning the accounting and audit frameworks for LLPs with those for limited companies; highlights concerns over the micro-entities regime and reduced disclosures; recommends monitoring impacts on access to finance and the true and fair view; supports early adoption for periods from 1st January 2015; advocates aligning audit exemption thresholds and requiring audit reports for LLPs with transferable securities on regulated markets; comments on abridged accounts line items and consistency of formats; and sets out expected costs and benefits and the need for timely regulation updates. (AI generated description)

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title: De-regulatory changes for limited liability partnerships (LLPs) and qualifying partnerships, ICAEW REP 177/15, 21st December 2015

creator: Financial Reporting Faculty

creator: ICAEW

subject: Partnerships

subject: Organisation or entity type

subject: Limited liability partnerships

subject: Financial reporting and accounting standards

subject: Assurance

subject: Audit and assurance

subject: Audit exemption

subject: Micro entities

subject: Statutory financial reporting requirements

subject: Accounting topics

description: ICAEW response to the Department for Business Innovation and Skills consultation on de-regulatory changes for LLPs and qualifying partnerships, submitted on 21 December 2015 by the Financial Reporting Faculty. It supports aligning the accounting and audit frameworks for LLPs with those for limited companies; highlights concerns over the micro-entities regime and reduced disclosures; recommends monitoring impacts on access to finance and the true and fair view; supports early adoption for periods from 1st January 2015; advocates aligning audit exemption thresholds and requiring audit reports for LLPs with transferable securities on regulated markets; comments on abridged accounts line items and consistency of formats; and sets out expected costs and benefits and the need for timely regulation updates. (AI generated description)

publisher: ICAEW

contributor:

date: 2015-12-21

type: Text

format: pdf

identifier: ICAEW REP 177/15

language: en

relation: ICAEW Representation

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