PE information brief

Following the Law dated December 19, 2002 (“the Accounting Law”), a standard chart of accounts (“Plan Comptable Normalisé”, or “PCN”) has been published on June 22, 2009. This represents a major step in the on-going modernisation of the financial reporting and of the accounting rules in Luxembourg, and is yet another step towards the Luxembourg authorities’ objective of reducing administrative burdens faced by Luxembourg companies. For companies, the PCN should be effective as from the first accounting year beginning after December 31, 2010. In general, Luxembourg commercial companies should normally be required to use the PCN for the production and the filing of their annual accounts. However, some types of companies will be exempt from this requirement, such as banks, insurance and reinsurance companies, as well as standard holding companies (usually referred to as Soparfis).

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