The LLP SORP applies for periods beginning on or after 1 January 2015

The LLP SORP is not a stand-alone document. It states that 'it [the SORP] does not seek to set out all of the reporting requirements that apply to LLPs reporting under these standards, and it is intended to complement, not replace, them'.

One of the areas of change is retirement benefits.

A useful starting point is para 76B, where a flowchart helps summarise how to determine which guidance applies to a particular obligation.

For example, the following is highlighted at the end of the flowchart - 'Does the obligation meet the definition of a basic financial instrument in section 11 of FRS 102?' - and explains that if the answer was no, then  Section 12 of FRS 102 applies and that measurement will generally be at fair value, which may be different from previous accounting for such financial liabilities.