Lux GAAP vs IFRS: Key similarities and differences

International Financial Reporting Standards ("IFRS") have gained momentum in Europe. The globalisation of business and finance has inevitably led to calls for a common set of high quality, global accounting standards. IFRS has been successfully adopted in almost a hundred of countries over the last couple of years.

Luxembourg actively supports the development of these international accounting standards and, since 2010, the option to use IFRS as adopted by the European Union for the preparation of both stand-alone and consolidated accounts of non-listed companies has been introduced into national law.

Therefore, mastering the key differences between these two frameworks and be able to identify the risks and opportunities linked to the adoption of this or that accounting standard is essential for accounting practitioners.

4 June 2020 (ENG) - Webinar format - 10am-12pm

24 June 2020 (ENG) - Webinar format - 9am-1pm

Price:
Classroom based: 650.00 €
Webinar: 300 €

Duration:
Classroom based: 4h
Webinar: 2h

Language: English

Number of participants: 20

objectifs

Objectives

By the end of this training, the participants will be able to:

  • Explain the basic principles of both frameworks;
  • Understand the main differences between the two frameworks;
  • Describe the key attention points when passing from one framework to the other.
Contenu

Content

1. Introduction

2. Presentation of financial statements

2.1 General requirements

2.2 Balance sheet - Statement of financial position

2.3 Profit and loss account - Statement of comprehensive income

2.4 Statement of change in equity

2.5 Statement of cash flows

3. Main balance sheet items

3.1 Tangible assets

3.2 Intangible assets and goodwill

3.3 Financial assets

3.4 Inventories

3.5 Equity vs debt instruments

3.6 Provisions and contingent liabilities

4. Main profit and loss accounts items

4.1 Revenue recognition

4.2 Expenses recognition

Target audience

  • Chartered accountants;
  • Auditors;

Participants must have a minimum knowledge of IFRS to follow this course. For beginners, we suggest the course IFRS - Fundamental Concepts.

Our lead experts

Our lead experts

This training is coordinated by Marc Minet, head partner of IFRS Learning Solution of PwC Luxembourg. The training will be animated by partners, directors, senior managers or managers of PwC Luxembourg daily involved in the implementation of the IFRS framework.

Marc Minet is the IFRS leader for PwC Luxembourg and is partner in the Assurance Practice. He has over 20 years experience in serving financial and multinational institutions providing audit and advisory services. From 2004 to 2006, Marc Minet was part of the PwC Global Accounting and Consulting Services (GACS) central team in London as a partner specialised in accounting for financial instruments under IFRS.

Back to Luxembourg, he continues to audit and advise groups reporting under IFRS. His experience includes the audit of listed international groups preparing consolidated financial statements under IFRS, capital market transactions (IPO, bond offerings), IFRS conversions, accounting advices and training solutions.

He is member of several PwC International IFRS working groups: GACS, Financial Instruments Topical Team (FITT), Corporate Treasury Technical Committee (CTTC) and Asset Management International Accounting Group (AM IAG).

Marc Minet graduated from HEC-University of Liège-Belgium. He is a qualified “Réviseur d’entreprises agréé” and “Expert Comptable” in Luxembourg. Since 2004, Marc Minet has been teaching courses on IFRS and he is an author or co-author of various publications about IFRS, including the PwC Manual of Accounting.

Contact us

Contact details

PwC's Academy, Crystal Park Building, PwC Luxembourg

Tel: +352 49 48 48 4040

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