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Mayer Brown promotes a bumper crop to partner

LLP accounts not always the answer LLP accounts can also be fudged. For example, MB books receipts by way of profits from the US associated firm that are paid to local partners as profits of the LLP, even though they are earnt in the US. Also, some LLP's use cash accounting, which can be fudged by timing differences. WIP can also be manipulated by artificially bringing it forward. What will be very interesting is if US LLPs that operate in the UK are made to publicly announce results, although that won't apply to DLA or MB as they operate separate partnerships and profit centres in the US and UK.

31-Oct-2007

3:04 pm