Advanced Lux GAAP: Mastering the fundamentals (S-FC0015)

Give a comprehensive review of Lux GAAP, based on a detailed analysis of its local sources. The purpose is to deal more efficiently with principle-based set of accounting rules where a detailed guidance is not easily accessible (legal commentaries being in French only) and its lacking for certain items.

• The real meaning of "Lux GAAP".
• The legal framework, i.e. accessing and understanding:
  • the commercial law ("Code de Commerce");
  • the company law;
  • the current amended version of the applicable laws and grand-ducal regulations on the annual accounts and on the consolidated annual accounts;
  • the regulations on the Standard Chart of Accounts ("Plan comptable normalisé") and on the electronic filing of the annual accounts.
• Comprehensive study of the classic Lux GAAP (with illustrative examples):
  • the balance sheet and its components;
  • the profit and loss account and its components;
  • the other statements (legal options).
• The alternative use of the IFRS or of the "Lux GAAP at fair value" (legal options).
• The use of other GAAP in Luxembourg (legal departure).