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The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016

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Changes over time for: Section 21

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Minor definitionsU.K.

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21.—(1) Regulation 32 (minor definitions) is amended as follows.

(2) In section 474(1)(1) (minor definitions)—

(a)insert the following definitions at the appropriate places—

“micro-entity minimum accounting item” means an item of information required by this Part or by the Small Limited Liability Partnerships (Accounts) Regulations 2008 (S.I. 2008/1912) to be contained in the non-IAS individual accounts of an LLP for a financial year in relation to which it qualifies as a micro-entity (see sections 384A and 384B);;

“micro-entity provisions” means any provisions of this Part, Part 16 or the Small Limited Liability Partnerships (Accounts) Regulations 2008 (S.I. 2008/1912) relating specifically to the individual accounts of an LLP which qualifies as a micro-entity;;

“qualified”, in relation to an auditor’s report, means that the report does not state the auditor’s unqualified opinion that the accounts have been properly prepared in accordance with this Act;;

“traded company” means a company any of whose transferable securities are admitted to trading on a regulated market;;

“traded LLP” means an LLP any of whose transferable securities are admitted to trading on a regulated market;; and

(b)in the definition of “turnover”, omit “falling within the LLP’s ordinary activities”.

Commencement Information

I1Reg. 21 in force at 17.5.2016, see reg. 2(1)

(1)

Section 474(1) as applied to LLPs was amended by S.I. 2009/1804, regulation 85 and paragraph 15(3) of Part 2 of Schedule 3); S.I. 2009/1342, article 31; S.I. 2011/99, regulation 79 and paragraph 20 of Part 2 of Schedule 4; S.I. 2012/1439, article 8(1) and (4)); and S.I. 2013/472, article 3 and paragraph 143(b) of Schedule 2.

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