The fundamentals of Luxembourg accounting

• Do you need to prepare annual accounts for commercial and holding companies?
• Are you wondering which accounting principles and conventions are applicable in Luxembourg?
• Or how to manage your closing entries?

There are many questions which one may ask themselves.

This training gives an overview of the Luxembourg accounting regulatory framework based on concrete examples. It will provide participants with the practical knowledge they need to prepare the annual accounts of their company.

The course does not exhaustively cover all accounting rules or topics; it does not deal with complex accounting operations. However, it will give participants the basics they need for accounting in Luxembourg.
By the end of this course, participants will be able to:

• understand the basic principles of accounting;
• understand the main accounting valuation rules of various balance sheet items and their impacts on the annual accounts;
• record standard operations as well as the closing booking entries according to the standard chart of accounts;
• prepare a balance sheet and a profit and loss account under eCDF format on the basis of simple operations.

The accounting language: the annual accounts

The goals and functions of the accounting
The main balance sheet captions
Description of profit and loss accounts
The importance of the notes to the accounts

The major accounting policies/conventionsThe general accounting principles and key concepts

The other general accounting principles
The principle of the double entry
Discussion of classification and initial/subsequent measurement
The Standard Chart of Accounts

The basis of accounting entriesAccounting rules

Booking of invoices
Other examples of bookings

The closing accounting entriesThe value adjustments on fixed assets elements

The value adjustments on current assets elements
The evaluation and the bookkeeping of the provisions
The principle of cut-off

The filing of the annual accountsLegal time frame

Legal requirements
The filing process

An attendance certificate will be sent to participants.

This training is coordinated by Alexandre Leleux, Partner and Damien Brunet, Director at PwC Luxembourg.

The training will be presented by experts in the accounting field.

Alexandre is a partner of our ECF (Expertise Comptable et Fiscale) practice, active in the accounting and tax compliance of international tax structures, operational companies, real estate and private equity sector. He has over 18 years of experience in audit and accounting. His primary area of expertise is the preparation of financial statements under Lux GAAP, the conversion from GAAP to GAAP and the preparation of various reporting (CSSF, BCL etc.) to ensure the accounting compliance of operational companies, management companies and international and private equity structures.

He is also the head of the Lux GAAP technical team of PwC Luxembourg advising multinational clients on the accounting queries from tax, audit and advisory departments of PwC Luxembourg and other PwC offices. Alexandre is also a member of the editorial board of ACE, an accounting, tax and audit professional magazine in Luxembourg.

Damien is a director in the accounting and tax compliance practice of PwC Luxembourg and the coordinator of the Luxembourg technical accounting group where he deals on a day-to-day basis with complex Lux GAAP transactions. He is also responsible of the e-accounts solution, a PwC’s online tool for the preparation and filing of annual accounts. He is a CCA (Certified Chartered Accountant) in Luxembourg and a chartered accountant in France. He is also the president of the training’s commission at the OEC.