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

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

51.  In Section B of Part 1 of Schedule 1 (required formats for accounts: non-IAS individual accounts)—

(a) in balance sheet Format 1, in item K III, after “Other reserves” insert “, including the fair value reserve”;

(b) in balance sheet Format 2—

(i) for the heading “LIABILITIES” substitute “CAPITAL, RESERVES AND LIABILITIES”; and

(ii) in item B III, after “Other reserves” insert “, including the fair value reserve”;

(c) in profit and loss account Format 1—

(i) in item 12, for “charges” substitute “expenses”;

(ii) in items 13 and 14, omit “on ordinary activities”; and

(iii) omit items 15 to 18;

(d) in profit and loss account Format 2—

(i) in items 5(b), 8 and 14, for “charges” substitute “expenses”;

(ii) for item 7(b) substitute—

“(b) Amounts written off current assets, to the extent that they exceed write-offs which are normal in the undertaking concerned”;

(iii) in items 15 and 16, omit “on ordinary activities”; and

(iv) omit items 17 to 20; and

(e) in notes on the profit and loss account formats, in the title to note (14), for “charges” substitute “expenses”.