Article 34 - Limited Liability Partnership accounts

(1) The Members of every Limited Liability Partnership shall cause accounts to be prepared in relation to each financial year of the Limited Liability Partnership which shall be in the English language and shall comprise or include:
(A) relevant financial statements set out in accordance with IFRS, UK GAAP, US GAAP or such other accounting principles and standards as may be prescribed in rules made by the QFC Authority; and
(B) such further information as may be required by these Regulations, any rules made by the QFC Authority and the Limited Liability Partnership Agreement.
(2) The accounts shall be prepared in accordance with accounting principles and standards prescribed in rules made by the QFC Authority and comply with any other requirements of these Regulations or any rules made by the QFC Authority. The accounts shall show a true and fair view of the profit or loss of the Limited Liability Partnership for the financial year in question and of the state of the Limited Liability Partnership's affairs at the end of such financial year.
(3) A Limited Liability Partnership's accounts shall be approved by the Members and signed on their behalf by a Designated Member.
(4) Within four months after the end of the financial year, the accounts for that year shall be:
(A) prepared and approved by all the Members; and
(B) examined and reported upon by the Limited Liability Partnership's auditors in accordance with these Regulations and any rules made by the QFC Authority, such auditors' report to be written in the English language.
(5) A Limited Liability Partnership shall file with the CRO in the Prescribed Form within 21 days after the accounts have been approved by the Members, a copy of the accounts and auditors' report.
(6) In this Part 9, references to "accounts" are to those accounts prepared in accordance with this Article.
Amended by QFCA RM2012-1 (as from 11th April 2012)