LLPs

In the government response to the consultation on deregulatory changes for LLPs and qualifying partnerships, which suggests realignment with the company reporting regime, it states that:

'It is anticipated that the regulations will come into force in the summer of 2016. Would LLPs and qualifying partnerships find it helpful if the regulations permitted early adoption of the revised framework for financial years commencing on or after 1 January 2015 where these had not been agreed prior to the regulations coming into force?'

It then highlights that the government will provide for the early adoption of the revised framework for LLPs, qualifying partnerships and groups that have not agreed and filed their 2015 accounts prior to the regulations coming into force in 2016. 

Other comments include:

• The government will bring forward legislation to maintain the alignment between the two regimes - accounting and audit regulatory frameworks - for LLPs and limited companies as implemented by the 2015 regulations.
• A micro-entity regime for LLPs and qualifying partnerships will be introduced.
• LLPs that have or are part of a group where one of its members has transferable securities admitted to trading on a regulated market in a European Economic Area state will continue to be required to file audit reports.
• The government will not introduce new requirements beyond those required to maintain consistency with changes introduced for companies.

In summary, some LLPs that have not yet completed their reporting may wish to delay.