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International Financial Reporting Standards (IFRS)

International Financial Reporting Standards (IFRS)

The introduction of new IFRSs will affect many industrial sectors and create challenges for many companies.

The introduction of new IFRSs will affect many industrial sectors and create challenges...

With 20 years' experience, KPMG’s IFRS Practice combines a multi-disciplinary approach with extensive knowledge gained from both client projects in Luxembourg and participation in international initiatives. We can assist companies in Luxembourg and internationally in comprehending new rules and applying IFRS to specific circumstances.

Two of the three new major accounting standards (IFRS 9 and 15) became effective from 1 January 2018 and had a significant impact on your IFRS financial statements. IFRS 16 “Leases” became effective from 1 January 2019 which changes the accounting treatment of leases by lessees substantially. In October 2018, the European regulator, European Securities and Markets Authority (ESMA), issued its enforcement priorities for 2018 IFRS Financial Statements which clearly focus on the disclosures for the newly effective standards (IFRS 9 and 15) as well as the disclosure of the expected impact implementing IFRS 16. Following ESMA’s enforcement priorities, the Commission de Surveillance du Secteur Financier (CSSF) also communicated its main areas of focus during their enforcement campaign. Browse this site for relevant information on the new IFRSs by industrial sector.

If you would like an overview of the effective dates for IFRS inside and outside the EU, have a look at our IFRS Calendar. Please find also our Guides to IFRS financial statements.

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