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

The accounting law applicable to annual accounts of undertakings is primarily based on the amended Law of 19 December 2002 on the commercial register, companies, and the accounting and annual accounts of undertakings. In order to fully understand the overall structure of Luxembourg accounting law, it is also essential to refer to the provisions of the Commercial Code as well as to the various Grand-Ducal regulations (e.g., Standard Chart of Accounts, accounting package).

This course provides a structured and practical overview of these legal texts, with a focus on the obligations applicable to commercial and industrial undertakings. Specific accounting rules applicable to entities governed by a distinct regulatory framework — such as credit institutions, financial institutions or investment firms (PSF) — do not fall within the scope of this programme, except for contextual reference when relevant.

Finally, Luxembourg accounting legislation often appears difficult to access for beginners who do not have the necessary analytical framework to understand it.

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?
  

This course is intended for professionals who wish to familiarise themselves with the legislation on annual accounts.

This course is intended for:

• Experienced professionals who do not work in the field of corporate accounting and auditing

• Beginners in the field of accounting and auditing