ACCA welcomes the opportunity to respond to the Draft Statement of Recommended Practice – Accounting by Limited Liability Partnerships 2026. The draft SORP for LLPs includes proposed amendments resulting from changes to FRS 102, feedback from the 2024 consultation, alongside legislation increasing company and group size thresholds. ACCA sees the updates, added guidance, and simplification of wording adding clarity to the document.

The SORP plays an essential role in providing guidance on issues specific to LLPs. The same applies to ensuring that LLPs present financial statements comparable to those of other entities. Administrative burdens, particularly those for smaller LLPs, should be balanced with the SORP’s role encouraging greater transparency. We believe the changes strike the right balance.

ACCA recommends the SORP-making body has a dialogue with the sector to support the transition and reduce implementation cost for business. This includes help sheets containing examples of reports and accounts – which will be particularly useful for smaller LLPs.

To read our response in full, please download the consultation document found on this page.