PART 3 Amendments to the Small Limited Liability Partnerships (Accounts) Regulations 2008

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

39.  In Section C of Part 2 of Schedule 1 (alternative accounting rules: non-IAS individual accounts)—

(a) in paragraph 32 (alternative accounting rules), omit sub-paragraphs (4) and (5);

(b) in paragraph 34 (additional information to be provided in case of departure from historical cost accounting rules)—

(i) in sub-paragraph (2), for “a note to the accounts” substitute “the note on accounting policies (see paragraph 44 of this Schedule)”; and

(ii) for sub-paragraph (3) substitute—

“(3) In the case of each balance sheet item affected, the comparable amounts determined according to the historical cost accounting rules must be shown in a note to the accounts.”; and

(c) in paragraph 35(2) (revaluation reserve)—

(i) after “revaluation reserve” insert “under “Members’ other interests””; and

(ii) omit “, but need not be shown under that name”.