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 being able to identify the risks and opportunities linked to the adoption of this or that accounting standard is essential for accounting practitioners.
Duration: 4h
Language: Available in English
Number of participants: up to 15
Available under intra-company course (i.e. dedicated session on demand)
Objectives
By the end of this training, 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.
Content
- Introduction
- Presentation of financial statements
- General requirements
- Balance sheet - Statement of financial position
- Profit and loss account - Statement of comprehensive income
- Statement of change in equity
- Statement of cash flows
- Main balance sheet items
- Tangible assets
- Intangible assets and goodwill
- Financial assets
- Inventories
- Equity vs debt instruments
- Provisions and contingent liabilities
- Main profit and loss accounts items
- Revenue recognition
- 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
This training is coordinated by Damien Brunet, Director and delivered by Grégory Beauchesne, Senior Manager at PwC Luxembourg.
Damien is a director in the alternative investment accounting and tax compliance departments at PricewaterhouseCoopers Luxembourg. He has over 14 years of experience in accounting and tax. He is working for several industries, holding and financing companies, operational and industrial companies and private equity structures. He is a certified chartered accountant in Luxembourg and France.
His main tasks are the preparation and review of accounting and financial reports (annual accounts, GAAP conversion, monthly reports, CBL, etc.) and tax reporting (tac accounting, tax returns, withholding taxes returns, cbcr notifications, etc.).
He is the coordinator of the Accounting technical team of PwC Luxembourg where he is responsible, among others, of the Lux GAAP training courses at PwC’s Academy. Its main tasks consist in legal monitoring, analysing the accounting impact of complex transactions/restructuring, preparing accounting memorandums/opinions, preparing flash news and handbooks and giving clients accounting training.
Grégory is a senior manager in the tax management and accounting services department where he specialises in the preparation of financial statements and tax returns for international structures and operational companies.
Grégory is also member of the accounting technical team - Lux GAAP at PwC Luxembourg, where he deals on a day-to-day basis with accounting technical issues.
