PART 4Amendments to the Large and Medium-sized Limited Liability Partnerships (Accounts) Regulations 2008

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”.