A straightforward introduction
With alternative asset managers setting up a growing number of entities in Luxembourg, there is a rising need, especially amongst investors, to understand the differences between the Generally Accepted Accounting Principles (LuxGAAP) that apply to investment funds in Luxembourg, and IFRS.
The purpose of this publication is to provide an overview of the key differences and similarities between IFRS, and LuxGAAP. This guide is based on the IFRSs to be applied by an entity with an annual period beginning on or after 1 January 2019.
Since our last publication, there have been several key changes to IFRS that are relevant to the fund industry. The intention here is not to provide an exhaustive list of differences that exist or may exist, nor to list specific disclosures applicable to certain kinds of funds. Please note that IFRSs and their interpretations change over time. Users of this publication should keep abreast of unfolding developments and decisions regarding the status of proposed amendments and apply new requirements accordingly.
Investors new to Luxembourg GAAP need a straightforward introduction to the key differences between Luxembourg accounting, and IFRS. This guide is an excellent entry point to allow investors of all kinds to build knowledge in this area.
In this report:
Find out for LuxGAAP and IFRS compare in the following areas:
- Financial reporting framework
- Financial statements
- Consolidated financial statements
Are you impacted by the issues touched upon in this report? Get in touch with Victor Chan Yin and his team to discuss your perspective or challenges.