Professional practices

FRS 102 – illustrative financial statements for LLPs

Peter Gamson Peter Gamson


With FRS 102 now upon us, and in the absence of detailed guidance on the financial statement presentation and disclosure requirements in relation to LLPs, we have produced some illustrative financial statements.

The examples illustrate a group and parent company financial statements prepared for the first time in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland ('FRS 102') and the Statement of Recommended Practice: Accounting by Limited Liability Partnerships ('LLP SORP').

They comprise example primary statements and notes to the financial statements. Their preparation involved striking a balance between helpful guidance and burdensome detail, and while they do not attempt to cover everything, will provide guidance for most scenarios.