International Financial Reporting Standards (IFRS) and the fair value option under Lux GAAP are now widely used across many industries in Luxembourg. The trend towards widespread adoption was reinforced when the law of 10 December 2010 introduced IFRS, as adopted in the European Union (EU), for non-listed undertakings in Luxembourg.
The International Accounting Standards Board (IASB) has expressed its intention to continue developing IFRS and issue new standards and amendments. As a result, IFRS adopters face a whole host of new challenges. Current hot topics centre on new consolidation standards IFRS 10-12, notably include consolidation relief for investment funds, which is set to be endorsed in the EU at the end of 2013. A second key issue involves the implementation of the new standard on fair value measurement, IFRS 13.