Lux GAAP vs IFRS: key similarities and differences

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

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.

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.

• 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

An attendance certificate will be sent to participants.

This training is coordinated by Damien Brunet, Director and delivered by Grégory Beauchesne, Senior Manager at PwC Luxembourg.

Damien Brunet is a director and certified chartered accountant in Luxembourg and France with over 16 years of experience in accounting and tax. He specialises in alternative investment accounting and tax compliance, focusing on private equity, international structures, and operational companies across various industries. Damien’s key responsibilities include preparing and reviewing accounting and financial reporting, such as annual accounts, GAAP conversion, monthly reports, and tax reporting including tax returns and withholding tax filings. He works within PwC Luxembourg’s Global Compliance Services and Lux GAAP Technical teams, coordinating the Lux GAAP technical team and leading Lux GAAP training courses at PwC Academy.

Grégory Beauchesne is a senior manager at PwC with over 15 years of experience, initially specializing in private equity and real estate audits within the Audit department. He later transitioned to the Accounting and Finance department, where he oversees annual account preparation, daily bookkeeping, CBL reporting, and tax returns for holding, real estate, and private equity entities. As a member of the accounting technical Lux GAAP team at PwC Luxembourg, he develops and delivers accounting training both internally and externally, demonstrating strong leadership in technical expertise and client service within his specialized industries.