Latest format of Financial Statements of LLP
The ICAI has issued technical guide for preparation and presentation of financial statements of limited liability partnership (LLP). Where in ICAI has prescribed format for preparation of financials of LLP which is in line with the Schedule III format for non-Ind AS following companies. The guide also prescribe for voluntary rounding off.
LLP is a body corporate formed and incorporated under LLP Act and is a legal entity separate from that of its partners. The LLP is a corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership. Since LLP contains elements of both ‘a corporate structure’ as well as ‘a partnership firm structure’ LLP is called a hybrid of a company and a partnership. The Technical Guide is relevant for the purpose of preparation of the financial statements of the Limited Liability Partnership in compliance with applicable accounting standards.
I have attached herewith latest format of financial statements in excel for LLP as per the technical guidelines. Kindly note the given file is draft format only and you can definitely modify it as per the requirements, however don’t be creative in presentation of financials and give all the mandatory disclosures as per LLP act as well as applicable accounting standards. Provide your feedback/ suggestions if any. If you notice any discrepancy in the file kindly let us know.
The disclosure requirements recommended in the formats are in addition to and not in substitution of the disclosure requirements specified in the Accounting Standards issued by the Institute of Chartered Accountants of India. Additional disclosures specified in the Accounting Standards shall be made in the notes to accounts or by way of additional statement unless required to be disclosed on the face of the Financial Statements. Similarly, all other disclosures as required by the relevant statute shall be made in the notes to accounts in addition to the requirements set out in these formats.
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