LLP Accounts - Current Issues & Refresher (ICAS)

Overview

LLPs continue to be a commonly used business structure, with the advantages of limited liability and the tax benefits of partnerships.

The course will provide an overview of the background to LLPs and differences from a limited company, in both accounts and taxation terms. It will consider the impact of FRS 102 and the updated Statement of Recommended Practice on accounting for LLPs.

Who is this for?

The course will be relevant to all who are involved in the preparation of accounts and taxation of LLPs, on either an internal or external basis. In addition it will assist those involved in the audit of LLPs.

What you will learn

• The legal structure of an LLP
• The comparison of an LLP and a limited company
• Members and designated members
• Allocation of profits in an LLP - discretionary and automatic, members’ remuneration and the related accounts implications
• Distinction between debt and equity
• Review of LLP accounts and disclosure of members’ interests
• Implications of FRS 102 for LLPs
• Review of updated Statement of Recommended Practice
• LLPs within corporate group structures
• Common LLP accounting issues
• Impact of changes in tax treatment
• Question and answer session on LLP matters and sharing of experience