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 which one may ask themselves.
This training gives an overview of the Luxembourg accounting regulatory framework based on concrete examples. It will provide participants with the practical knowledge they need to prepare the annual accounts of their company.
The course does not exhaustively cover all accounting rules or topics; it does not deal with complex accounting operations. However, it will give participants the basics they need for accounting in Luxembourg.
Duration: 4h
Language: Available in English and French. The supporting material is only available in English.
Number of participants: up to 15
Available as intra-company course (i.e. dedicated session on demand)
Course content can be customised on demand under specific conditions.
Objectives
By the end of this training, 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 Damien Brunet, Director at PwC Luxembourg.
Damien Brunet is a director and certified chartered accountant in Luxembourg and France with over 16 years of experience in accounting and tax. He specialises in alternative investment accounting and tax compliance, focusing on private equity, international structures, and operational companies across various industries. Damien’s key responsibilities include preparing and reviewing accounting and financial reporting, such as annual accounts, GAAP conversion, monthly reports, and tax reporting including tax returns and withholding tax filings. He works within PwC Luxembourg’s Global Compliance Services and Lux GAAP Technical teams, coordinating the Lux GAAP technical team and leading Lux GAAP training courses at PwC Academy.
