The future of the accounting law: how the draft bill 8286 will change financial reporting as from 2026

On the 28th of July 2023, draft bill 8286 was released with the goal of revamping Luxembourg's accounting laws applicable to undertakings (referred to as the "New Law"). This initiative seeks to modernise the existing law from 19 December 2002 (known as the "Accounting Law") and consolidate all accounting requirements into a single statute. Currently, these requirements are spread across the commercial code, commercial law, and accounting law. Simultaneously, the scope of the Accounting Law is expanded to include FCPs (Fonds Commun de Placement), temporary commercial companies, commercial companies in participation, civil companies, agricultural associations, mutual insurance associations, and pension-savings associations.

These changes are expected to enhance clarity for all users and readers, particularly in relation to requirements that may not have been self-explanatory. Additionally, the amendments aim to incorporate accounting doctrines and market practices into the Accounting Law.

• This training aims at helping participants understand and anticipate the modifications to the existing Accounting Law and their impacts in terms of accounting.

• Introduction
• Unification of general Accounting Law
• Bottom-up approach
• Creation of a micro-entity regime and increase thresholds for small-sized entities
• Audit requirement for large holding companies
• Filing requirements for SCSp
• Abolition of the "Commissaire" (supervisory auditor)
• New requirements for entities in liquidation / dissolved
• Introduction of the definition of control for consolidation purposes
• Other changes:
  • Inclusion of CNC recommendations
  • Fixing miscellaneous existing gaps
  • Extension of the scope of accounting obligations

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.