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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 37

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There are currently no known outstanding effects for the The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016, Section 37. Help about Changes to Legislation

Amendments to Section A of Part 2 of Schedule 1 (accounting principles: non-IAS individual accounts)U.K.

This section has no associated Explanatory Memorandum

37.  In Section A of Part 2 of Schedule 1 (accounting principles: non-IAS individual accounts)—

(a)in paragraph 12 (consistent application of accounting policies), after “Accounting policies” insert “and measurement bases”;

(b)in paragraph 13 (determination of amount of an item on a prudent basis)—

(i)omit “and” at the end of sub-paragraph (a); and

(ii)after sub-paragraph (b) insert—

(c)all provisions for diminution of value must be recognised, whether the result of the financial year is a profit or a loss,

(d)at the balance sheet date, a provision must represent the best estimate of the expenses likely to be incurred or, in the case of a liability, of the amount required to meet that liability, and

(e)provisions must not be used to adjust the values of assets.; and

(c)after paragraph 15 (individual assets or liabilities must be determined separately in determining aggregate amount) insert—

15A.  The opening balance sheet for each financial year must correspond to the closing balance sheet for the preceding financial year..

Commencement Information

I1Reg. 37 in force at 17.5.2016, see reg. 2(1)

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