The fundamentals of Luxembourg accounting

• 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 course, 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 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

Booking of invoices
Other examples of bookings

The closing accounting entriesThe 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 requirements
The filing process

An attendance certificate will be sent to participants.

This training is coordinated by Damien Brunet, Director at PwC Luxembourg.

The training will be presented by experts in the accounting field.

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 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.