The course is designed for accountants who are new to the accounting and auditing treatment of LLPs. It is ideal for accountants needing a refresher. The course contents are drawn from:
- The legal background to LLPs
- Definition of terms
- Accounting conversion to an LLP
- The role of the designated member
- Accounting treatment of LLPs
- Financial disclosures
- LLP SORP
- Sample accounts and layout
- Allocation and treatment of profits or losses
- Corporate partners
- Legal duties of members
- Problem areas
- This course does not cover the taxation of LLPs.
The course covers the audit issues for LLPs.
Limited liability partnerships and partnerships