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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: 17 May 2016 - onwards
Version 3 of 3

Schedule 4 General interpretation

Regulation 7.

Financial instruments

1. References to "derivatives" include commodity-based contracts that give either contracting party the right to settle in cash or in some other financial instrument, except where such contracts -

(a) were entered into for the purpose of, and continue to meet, the LLP's expected purchase, sale or usage requirements,

(b) were designated for such purpose at their inception, and

(c) are expected to be settled by delivery of the commodity.

2.

(1) The expressions listed in sub-paragraph (2) have the same meaning as they have in Directive 2013/34/EU of 26 June 2013 on the annual financial statements etc. of certain types of undertakings [OJ No L 182, 29.6.13, p. 19, as last amended by Council Directive 2014/102/EU.] and Council Directive 91/674/EEC of 19 December 1991 on the annual accounts and consolidated accounts of insurance undertakings [OJ No L 374, 31.12.91, p.7, as last amended by Directive 2006/46/EC.].

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