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

1Citation and interpretation

2Commencement and application

3Amendments to the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008

4Scheme of Part 15 of the Companies Act 2006 as applied to LLPs

5LLPs subject to the small LLPs regime

6LLPs qualifying as micro-entities

7Annual accounts to give true and fair view

8Individual accounts

9Group accounts

10Information to be given in notes to accounts

11Approval and signing of accounts

12Duty to file accounts and reports

13Filing obligations of medium-sized LLPs

14Filing obligations of large LLPs

15Exemption for dormant subsidiary LLPs

16Removal of requirements relating to abbreviated accounts

17Medium-sized LLPs

18Preparation and filing of accounts in euros

19Meaning of “annual accounts”

20Notes to the accounts

21Minor definitions

22Exemption from audit: qualifying subsidiaries

23Exemption from audit: dormant LLPs

24Auditor’s report

25Minor definitions

27Amendments to the Small Limited Liability Partnerships (Accounts) Regulations 2008

28Amendments to Part 1 (introduction)

29Amendments to Part 2 (form and content of individual accounts)

30Omit regulation 4 (information about related undertakings (non-IAS or IAS...

31Omit regulation 5 (accounts for delivery to registrar of companies...

32At the end of Part 2 insert— Non-IAS individual accounts:...

33Amendments to Part 3 (form and content of group accounts)

34Amendments to Section A of Part 1 of Schedule 1 (general rules and formats for balance sheets and profit and loss accounts: non-IAS individual accounts)

35Amendments to Section B of Part 1 of Schedule 1 (required formats for accounts: non-IAS individual accounts of small LLPs other than micro-entities)

36Insertion of Section C into Part 1 of Schedule 1 (required formats for accounts: non-IAS individual accounts of LLPs which are micro-entities)

37Amendments to Section A of Part 2 of Schedule 1 (accounting principles: non-IAS individual accounts)

38Amendments to Section B of Part 2 of Schedule 1 (historical cost accounting rules: non-IAS individual accounts)

39Amendments to Section C of Part 2 of Schedule 1 (alternative accounting rules: non-IAS individual accounts)

40Amendments to Section D of Part 2 of Schedule 1 (fair value accounting: non-IAS individual accounts)

41Amendments to Part 3 of Schedule 1 (notes to the accounts: non-IAS individual accounts)

42Omission of Schedule 2 (information about related undertakings where LLP not preparing group accounts) and Schedule 3 (non-IAS abbreviated accounts for delivery to Registrar of Companies)

43Amendments to Part 1 of Schedule 4 (form and content of non-IAS group accounts)

44Amendments to Part 2 of Schedule 4 (information about related undertakings where LLP preparing non-IAS or IAS group accounts)

45Amendments to Schedule 5 (general interpretation)

47Amendments to the Large and Medium-sized Limited Liability Partnerships (Accounts) Regulations 2008

48Amendment to Part 1 (introduction)

49Amendments to Part 2 (form and content of accounts)

50Amendments to Section A of Part 1 of Schedule 1 (general rules: non-IAS individual accounts)

51Amendments to Section B of Part 1 of Schedule 1 (required formats for accounts: non-IAS individual accounts)

52Amendments to Section A of Part 2 of Schedule 1 (accounting principles: non-IAS individual accounts)

53Amendments to Section B of Part 2 of Schedule 1 (historical cost accounting rules: non-IAS individual accounts)

54Amendments to Section C of Part 2 of Schedule 1 (alternative accounting rules: non-IAS individual accounts)

55Amendments to Section D of Part 2 of Schedule 1 (fair value accounting: non-IAS individual accounts)

56Amendments to Part 3 of Schedule 1 (notes to the accounts: non-IAS individual accounts)

57Amendment to Part 4 of Schedule 1 (special provision where LLP is a parent LLP or subsidiary undertaking: non-IAS individual accounts)

58Amendments to Part 1 of Schedule 2 (provisions applying to all LLPs: information on related undertakings required whether preparing non-IAS or IAS accounts)

59Amendments to Part 3 of Schedule 2 (LLP required to prepare group accounts: information on related undertakings required whether preparing non-IAS or IAS accounts)

60Amendments to Schedule 3 (non-IAS group accounts)

61Amendments to Schedule 4 (general interpretation)

63Amendment to the Small Companies (Micro-Entities’ Accounts) Regulations 2013

64Amendment to the Partnerships (Accounts) Regulations 2008

65Amendments to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008

66In paragraph 18(1) (information to be given in the notes...

67After regulation 13 (general interpretation) insert— PART6 REVIEW Review (1) The Secretary of State must from time to time—...

2016 No. 575

Limited Liability Partnerships

Partnership

Companies

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

Made10th May 2016

Coming into force in accordance with regulation 2(1)

The Secretary of State is a Minister designated1 for the purposes of section 2(2) of the European Communities Act 19722 in relation to the creation, operation, regulation or dissolution of companies and other forms of business organisation, and in relation to auditors and the audit of accounts.

The Secretary of State makes the following Regulations in exercise of the powers conferred by section 2(2) of that Act, sections 15 and 17 of the Limited Liability Partnerships Act 20003 and section 396(3) of the Companies Act 20064.

In accordance with paragraph 2(2) of Schedule 2 to the European Communities Act 19725, section 17(4) and (5)(b) of the Limited Liability Partnerships Act 20006 and sections 473(3) and 1290 of the Companies Act 2006, a draft of this instrument was laid before Parliament and approved by a resolution of each House of Parliament.