Ever since the introduction of the regulation requiring the use of International Financial Reporting Standards (“IFRS”) for entities listed in the European Union, there has been a lot of discussion on the applicability of the regulation to investments funds in Luxembourg. While the regulation applies in principle to investment funds, in practice however, it is only in rare situations that Luxembourg funds would need to adopt International Financial Reporting Standards. In fact, funds will only be caught by the requirement if, in addition to being listed, they are required to prepare consolidated financial statements.
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