Get ready for the 2020 standard chart of accounts

Introduction

The draft Grand-Ducal Regulation amending the Standard Chart of Accounts ("SCA") brings us a number of novelties, clarifications and accounting doctrine.

Without being a revolution, this new SCA draws lessons from the first version and is intended to respond to the main concerns of users as emerged in the public consultation made by the Accounting Standards Commission.

Mastering this new legislation aims to understand the changes in order to prepare for the 2020 annual accounts.

In this context, mastering the practical and technical aspects of this new regulation is crucial for all accounting practitioners.

Objectives

At the end of the training, participants will be able to:

• Recognise the practical implications of the new SCA and the impacts on future annual accounts.

1. The objectives of this new SCA

On the basis of the review of the 2009 version, we will acknowledge the need for this change and realise that this update is more of an evolution than a revolution of the SCA, with the objective of a better harmonization of Luxembourg accounting framework.

2. The main new features

We will describe here the new doctrinal approach of this chart of accounts and the introduction of the transition table. The scope and automatic generation of the balance sheet and profit and loss account will also be discussed.

In a second part we will review the main changes in the 7 account classes.

3. How best to prepare for this new SCA

This last part will be an opportunity to exchange and discuss various practical aspects such as updating your accounting software, the work to be done on comparative figures and the issues that may be related to them.