28.—(1) The purchase price or production cost of—U.K.
(a)any assets which [F1, by virtue of regulation 3(1) and Section B of Part 1 of this Schedule,] fall to be included under any item shown in an LLP's balance sheet under the general item “stocks”, and
(b)any assets which are fungible assets (including investments),
may be determined by the application of any of the methods mentioned in sub-paragraph (2) in relation to any such assets of the same class, provided that the method chosen is one which appears to the members to be appropriate in the circumstances of the LLP.
(2) Those methods are—
(a)the method known as “first in, first out” (FIFO),
(b)the method known as “last in, first out” (LIFO),
(c)a weighted average price, and
(d)any other method [F2reflecting generally accepted best practice].
(3) For the purposes of this paragraph, assets of any description must be regarded as fungible if assets of that description are substantially indistinguishable one from another.
Textual Amendments
F1Words in Sch. 1 Pt. 2 Section B para. 28(1)(a) inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 38(f)(i)
F2Words in Sch. 1 Pt. 2 Section B para. 28(2)(d) substituted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 38(f)(ii)