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?
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
The training material will be handed out at the beginning of the course.