The fundamentals of Luxembourg accounting
- Do you need to prepare annual accounts for commercial and holding companies?
- Are you wondering which accounting principles and conventions are applicable in Luxembourg?
- Or how to manage your closing entries?
There are many questions you may ask yourself.
This training gives an overview of the Luxembourg accounting regulatory framework based on concrete examples to give you the practical knowledge you need to prepare the annual accounts of a company.
This course is an introduction to Luxembourg accounting that will give you the knowledge on the basic fundamentals of accounting records.
The course does not cover exhaustively all accounting rules and topics, nor deal with complex accounting operations. However, it will give you the basics you need for accounting in Luxembourg.
26 January 2021 (FR) - 9am - 1pm
25 March 2021 (ENG) - 9am-1pm
Price: 650.00 €
Duration: 4h
Language: English, also available in French
Number of participants: max. 20
Objectives
By the end of this course, participants will be able to:
- Understand the basic principles of accounting;
- Understand the main accounting valuation rules of various balance sheet items and their impacts on the annual accounts;
- Record standard operations as well as the closing booking entries according to the standard chart of accounts;
- Prepare a balance sheet and a profit and loss account under eCDF format on the basis of simple operations.
Content
The accounting language: the annual accounts
- The goals and functions of the accounting
- The main balance sheet captions
- Description of profit and loss accounts
- The importance of the notes to the accounts
The major accounting policies/conventions
- The general accounting principles and key concepts
- The other general accounting principles
- The principle of the double entry
- Discussion of classification and initial / subsequent measurement
- The Standard Chart of Accounts
The basis of accounting entries
- Accounting rules
- Booking of invoices
- Other examples of bookings
The closing accounting entries
- The value adjustments on fixed assets elements
- The value adjustments on current assets elements
- The evaluation and the bookkeeping of the provisions
- The principle of cut-off
The filing of the annual accounts
- Legal time frame
- Legal requirements
- The filing process
Target audience
- Beginners in accounting, administrative co-workers, and fiduciary staff (introductory level)
- External and internal auditors
Our lead experts
This training is coordinated by Alexandre Leleux, Partner in the accounting and tax compliance practice of PwC Luxembourg and Damien Brunet, Senior Manager in the Accounting Technical Team, in charge of the Luxembourg GAAP trainings.
The training will be presented by experts in the accounting field.
Alexandre is a partner of our ECF practice, active in the accounting and tax compliance of International Tax Structures, Operational companies, Real Estate and Private Equity sector. He has over 16 years of experience in audit and accounting.
His primary area of expertise is the preparation of financial statement under Lux GAAP, conversion from GAAP to GAAP and preparing various reporting (CSSF, BCL,...) to ensure the accounting compliance of operational companies, management companies and international and private equity structures.
He is also the head of the Lux GAAP technical team of PwC Luxembourg advising multinational clients on the accounting queries from tax, audit and advisory departments of PwC Luxembourg and other PwC offices.
He is also member of the editorial Board of ACE, an accounting, tax and audit professional magazine in Luxembourg.
Damien is a Senior Manager in the accounting and tax compliance practice of PwC Luxembourg and the coordinator of the Luxembourg Technical Accounting Group where he deals on a day to day basis with complex LuxGAAP transactions. He is also responsible of the eAccounts solution, a PwC’s online tool for the preparation and filing of annual accounts. He is Certified Chartered Accountant in Luxembourg and Chartered Accountant in France. He is also the President of the training’s Commission at the OEC.
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