Luxembourg introduced IFRS for all companies
After credit institutions and insurance companies, the law of 10 December 2010 on International Financial Reporting Standards (IFRS) for undertakings introduces IFRS (as adopted in the European Union) for non listed undertakings in Luxembourg. Companies in Luxembourg may now freely opt to prepare their annual and/or consolidated accounts under IFRS. The move to IFRS does not only entail a switch to a new set of financial reporting rules. First-time adopters of IFRS will face challenges across their business operations: these challenges will include changes to reporting processes, IT systems as well as considerations for a tax planning. There are obvious risks involved. However, the move offers benefits for those that make a transition such as a perfect alignment with group reporting or a waiver to use the standardized chart of accounts.
KPMG may assist you in preparing your financial statements
KPMG Luxembourg assists clients using IFRS for more than 10 years now. Our teams have pratical and pragmatic experience. They have acquired extensive knowledge and expertise through their involvement in major IFRS projects. Further, our teams have developed competences relating to IFRS and their interactions with other projects such as Basel II and Basel III.
Our clients benefit not only from a robust IFRS audit process but also from a wide range of IFRS accounting advisory services: technical analysis, guidance and assistance in establishing finance organization, assessment of existing accounting system, advisory support on specific accounting topics, training, bookkeeping, preparation of annual accounts, budgets and plans, compilation of stand-alone or consolidated financial statements, etc.