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.
By the end of the 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
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
A qui s'adresse la formation?
- Chartered accountants
Partcipants must have a minimum knowledge of IFRS to follow this course. For beginners, we suggest the course IFRS - Fundamental Concepts.
An attendance certificate will be sent to participants.
This training is coordinated by Alexandre Leleux and animated by Grégory Beauchesne.
Alexandre is a partner of our ECF practice, active in the accounting and tax compliance of international tax structures, operational companies, Real Estate and Private Equity sectors. He has over 16 years of experience in audit and accounting.
His primary area of expertise is the preparation of financial statement under Lux GAAP, conversion from GAAP to GAAP and production of various reporting (CSSF, BCL,...) to ensure the accounting compliance of operational companies, management companies and international and private equity structures.
Alexandre is also the head of the Lux GAAP technical team of PwC Luxembourg advising multinational clients on the accounting queries.
He is member of the editorial Board of ACE, an accounting, tax and audit professional magazine in Luxembourg.
After 4 years as auditor in Real Estate sector, Grégory is senior manager in the tax management and accounting services department where he is specialised in the preparation of financial statements and tax returns for international structures and operational companies.
Grégory is also member of Accounting Technical team - Lux GAAP at PwC Luxembourg, where he deals on day to day basis with accounting technical issues.