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Large and Medium-sized Limited Liability Partnerships (Accounts) Regulations 2008 [SI 2008 No. 1913]Introductory TextPart 1 Introduction (regs. 1-2)Regulation 1 Citation and interpretationRegulation 2 Commencement and applicationPart 2 Form and content of accounts (regs. 3-6)Regulation 3 Non-IAS individual accountsRegulation 4 Medium-sized LLPs: exemptions for non-IAS individual accountsRegulation 5 Information about related undertakings (non-IAS or IAS individual or group accounts)Regulation 6 Non-IAS group accountsPart 3 Interpretation (reg. 7)Regulation 7 General interpretationPart 4 Review (reg. 8)Regulation 8 ReviewSchedule 1 Non-IAS individual accountsSchedule 1, Part 1 General rules and formatsSchedule 1, Part 1, Section A General rules (paras. 1-9A)Schedule 1, Part 1, Section B The required formats for accountsSchedule 1, Part 2 Accounting principles and rulesSchedule 1, Part 2, Section A Accounting principles (paras. 10-15A)Schedule 1, Part 2, Section B Historical cost accounting rules (paras. 16-29A)Schedule 1, Part 2, Section C Alternative accounting rules (paras. 30-35)Schedule 1, Part 2, Section D Fair value accounting (paras. 36-41)Schedule 1, Part 3 Notes to the accounts (paras. 42-70B)Schedule 1, Part 4 Special provision where LLP is a parent LLP or subsidiary undertaking (para. 71)Schedule 2 Information on related undertakings required whether preparing non-IAS or IAS accountsSchedule 2, Part 1 Provisions applying to all LLPs (paras. 1-7)Schedule 2, Part 2 LLP not required to prepare group accounts (paras. 8-12)Schedule 2, Part 3 LLP required to prepare group accounts (paras. 13-19)Schedule 3 Non-IAS group accounts (paras. 1-22A)Schedule 4 General interpretationSignatureExplanatory NoteExplanatory Memorandum
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 31 December 2020 - onwards
Version 4 of 4

Schedule 1, Part 2, Section D Fair value accounting (paras. 36-41)

Inclusion of financial instruments at fair value

36.

(1) Subject to sub-paragraphs (2) to (5), financial instruments (including derivatives) may be included at fair value.

(2) Sub-paragraph (1) does not apply to financial instruments that constitute liabilities unless -

(a) they are held as part of a trading portfolio,

(b) they are derivatives, or

(c) they are financial instruments falling within sub-paragraph (4).

(3) Unless they are financial instruments falling within sub-paragraph (4), sub-paragraph (1) does not apply to -

(a) financial instruments (other than derivatives) held to maturity,

(b) loans and receivables originated by the LLP and not held for trading purposes,

(c) interests in subsidiary undertakings, associated undertakings and joint ventures,

(d) equity instruments issued by the LLP,

(e) contracts for contingent consideration in a business combination, or

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