IFRS and UK Gaap LLP differences

IFRS and UK Gaap LLP differences

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Can someone provide me with details of the key differences when producing LLP accounts under UK Gaap and IFRS?

Either details of the key differences or a web link would be ideal.

Thanks,

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John Toon
By John Toon
10th Jan 2014 11:30

SORP

The key difference between using IFRS and UK GAAP for preparing LLP accounts is that the SORP does not apply to LLP accounts prepared under IFRS. That means that if you apply IFRS you have to make your own interpretation of both the application of IFRS and the relevant Statutory Instruments governing LLPs. IFRS accounts are great if you like disclosure and need to bury things in words otherwise I wouldn't bother. There are also nuanced differences between full UK GAAP and the FRSSE in relation to the application of FRS25 and the impact on members interests. Don't forget there's also NEW UK GAAP coming along soon too which requires a new SORP.

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