On the 28th of July 2023, draft bill 8286 was released with the goal of revamping Luxembourg's accounting laws applicable to undertakings (referred to as the "New Law"). This initiative seeks to modernise the existing law from 19 December 2002 (known as the "Accounting Law") and consolidate all accounting requirements into a single statute. Currently, these requirements are spread across the commercial code, commercial law, and accounting law. Simultaneously, the scope of the Accounting Law is expanded to include FCPs (Fonds Commun de Placement), temporary commercial companies, commercial companies in participation, civil companies, agricultural associations, mutual insurance associations, and pension-savings associations.
These changes are expected to enhance clarity for all users and readers, particularly in relation to requirements that may not have been self-explanatory. Additionally, the amendments aim to incorporate accounting doctrines and market practices into the Accounting Law.
Duration: 2h
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)
Objectives
This training aims at helping participants understand and anticipate the modifications to the existing Accounting Law and their impacts in terms of accounting.
Content
- Introduction
- Unification of general Accounting Law
- Bottom-up approach
- Creation of a micro-entity regime and increase thresholds for small-sized entities
- Audit requirement for large holding companies
- Filing requirements for SCSp
- Abolition of the "Commissaire" (supervisory auditor)
- New requirements for entities in liquidation / dissolved
- Introduction of the definition of control for consolidation purposes
- Other changes:
- Inclusion of CNC recommendations
- Fixing miscellaneous existing gaps
- Extension of the scope of accounting obligations
Target audience
- Members of accounting departments
- Accountants, accounting staff and fiduciary staff
- Chartered accountants
- Fiduciaries staff
- Internal and external auditors
- CFO
- Heads of accounting
- Financial controllers
- Financial analysts
Our lead experts
This training is coordinated by Damien Brunet, Director at PwC Luxmbourg.
The training will be presented by experts in the accounting field.
Damien is a director 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 Lux GAAP transactions. He is also responsible of the e-accounts solution, a PwC’s online tool for the preparation and filing of annual accounts.
He is a CCA (Certified Chartered Accountant) in Luxembourg and a chartered accountant in France. He is also the president of the training’s commission at the OEC.
