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 BruDirector 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