IFRS Publications

• Similarities and Differences
  IFRS and Luxembourg Banking GAAP

International Financial Reporting Standards (IFRS) are gaining momentum. The globalisation of business and finance has inevitably led to calls for a common set of highquality, global accounting standards. IFRS has been successfully adopted in almost a hundred countries over the last couple of years.
This publication has been designed to provide the reader with a general comparison between Generally Accepted Accounting Practices in force in the Luxembourg banking sector as provided by the law of 17 June 1992, as amended, and the standards and interpretations currently forming the IFRS accounting framework, as adopted by the European Union.

• IFRS: Tax implications for the EU financial services industry – are you ready?

It is now almost two years since the date (1 January 2005) from which EU-listed companies were first required to prepare their consolidated financial statements in accordance with International Financial Reporting Standards (IFRS). Indeed, the second phase of the consolidation of accounting practice across listed companies within the EU (the convergence of the domestic GAAP in the various EU territories with the principles of IFRS) is now under way in some territories

• IAS 39 – Achieving hedge accounting in practice

Many companies have now largely completed their transition to International Financial Reporting Standards (IFRS). One of the most challenging standards for many of those companies to understand and apply is IAS 39 on financial instruments.