The fundamentals of Luxembourg accounting

• Beginners in accounting, administrative co-workers, and fiduciary staff (introductory level)
• External and internal auditors

• Do you need to prepare annual accounts for commercial and holding companies?
• Are you wondering which accounting principles and conventions are applicable in Luxembourg?
• Or how to manage your closing entries?

There are many questions which one may ask themselves.

This training gives an overview of the Luxembourg accounting regulatory framework based on concrete examples. It will provide participants with the practical knowledge they need to prepare the annual accounts of their company.

The course does not exhaustively cover all accounting rules or topics; it does not deal with complex accounting operations. However, it will give participants the basics they need for accounting in Luxembourg.

By the end of this training, participants will be able to:

• understand the basic principles of accounting;
• understand the main accounting valuation rules of various balance sheet items and their impacts on the annual accounts;
• record standard operations as well as the closing booking entries according to the standard chart of accounts;
• prepare a balance sheet and a profit and loss account under eCDF format on the basis of simple operations.

The accounting language: the annual accounts

• The goals and functions of the accounting
• The main balance sheet captions
• Description of profit and loss accounts
• The importance of the notes to the accounts

The major accounting policies/conventionsThe general accounting principles and key concepts

• The general accounting principles and key concepts
• The other general accounting principles
• The principle of the double entry
• Discussion of classification and initial/subsequent measurement
• The standard chart of accounts

The basis of accounting entriesAccounting rules

• Accounting rules
• Booking of invoices
• Other examples of bookings

The closing accounting entriesThe value adjustments on fixed assets elements

• The value adjustments on fixed assets elements
• The value adjustments on current assets elements
• The evaluation and the bookkeeping of the provisions
• The principle of cut-off

The filing of the annual accountsLegal time frame

• Legal time frame
• Legal requirements
• The filing process

An attendance certificate will be sent to participants.

This training is coordinated by Damien Brunet, Director 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.