Course objectives
This course is designed to consider all the important financial reporting issues when preparing a set of accounts for an LLP. The course will be relevant and useful to all accountants and auditors who are involved in the financial reporting process.
Typical content
- Reporting regulations under Companies Act 2006
- Reporting options available to LLPs, FRS 102, IFRS and the LLP SORP
- Exemptions and options for SME LLPs
- The required contents of the annual report and what has to be filed at Companies House
- Key financial reporting issues
- Profit shares and other distributions to members of the LLP. The difference to remuneration charged as an expense and an equitable profit share
- Amounts due to and from members – reporting as liabilities or equity
- Pensions to former members
- Conversion to an LLP from a partnership and a limited company
- Professional practices reporting of revenue and WIP
- Additional disclosure requirements
Typical practical work and case studies
- Case study – preparation of partnership accounts and then conversion from partnership to LLP. Full numerical example
- Case study as above with conversion from limited company to LLP
- Illustration of disclosure requirements
- Practical examples of different types of profit-sharing arrangement and revenue recognition
Duration and guideline fee
3 hour course – £850
Recommended maximum group size – 30
Potts Financial Training 