Introduction and Updates to the Accounting Law Relating to Annual Accounts Preparation

This course makes it possible to democratise accounting legislation, which often appears difficult to access to novices who do not have the necessary reading keys to understand it.

In order to fully understand the structure of Luxembourg accounting law, it is important to refer to the provisions of the Commercial Code, the various grand-ducal regulations (e.g.: Standardised Chart of Accounts, accounting package) without forgetting the sectorial accounting provisions applicable to certain companies as well as the Q&As issued by the Commission des normes comptables (CNC).

Upon successful completion of this course, the participant should be able to:

• Identify and understand the different sources of Luxembourg accounting laws, regulations and guidance
• Understand the structure of the accounting law in relation to the preparation of annual accounts
• Understand the size criteria (small, medium and large) and the impacts on reporting obligations
• Apply the main requirements of the law in relation to annual accounts’ preparation
• Understand the responsibilities of the administrative board
• Understand the audit requirements for entities preparing annual accounts in accordance with Luxembourg accounting laws
• Understand the rules with regards to submission and publication of financial information when the undertaking is subject (and not) to the Standard Chart of Accounts
• Identify the Q&As published by the Commission des normes comptables
• Foresee the future evolution in relation to Luxembourg accounting law

The following elements will be covered by this training:

• Sources of Luxembourg accounting law: directives, laws, regulations and guidance
• The European influence on the Luxembourg accounting law
• The requirement to maintain accounting records
• The standard chart of accounts
• The objective of annual accounts
• The types of undertakings and their related reporting obligations
• Accounting frameworks available in Luxembourg (LUX GAAP; LUX GAAP-FV, IFRS-EU)
• The main provisions of LUX GAAP
• The provisions in LUX GAAP with regard to the balance sheet, profit & loss account and the notes to the annual accounts
• An overview of LUX GAAP with fair value option
• An overview of IFRS-EU
• Audit of annual accounts
• Management report, corporate governance statement, non-financial statement
• How to file and submit financial information via eCDF and RCS
• Obligation to submit (RCS) and publish (RESA) financial information
• What is the future of the accounting law?