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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.

IFRS 16 “Leases” became effective from 1 January 2019 changing the accounting treatment of leases by lessees substantially. In October 2019, the European regulator, European Securities and Markets Authority (ESMA), issued its enforcement priorities 2019 for IFRS Financial Statements which clearly focus on the disclosures for the newly effective standard (IFRS 16) as well as specific issues related to the application of IFRS 9, IFRS 15 and IAS 12. 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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