Tips and Best Practices on the 2020 standard chart of accounts
After its first implementation in accounting legal landscape in 2009, the Luxembourg Standard Chart of Account ("SCA") has been deeply revamped via the Grand Ducal Regulation of 12 September 2019. Some of the Luxembourg companies have already adopted this new SCA. We now have more feedback on the practice and we are more than happy to share with you and all the players that still need to implement this new SCA.
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.
A qui s'adresse la formation?
- Accountants, Chartered Accountants and fiduciaries staff
- Internal and external auditors
An attendance certificate will be sent to participants.
The plus of this training
- A quick overview of the important changes
- Concrete and practical examples
- Interactivity and the presence of experts who use the SCA regularly