A straightforward introduction to Generally Accepted Accounting Principles

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 IFRS and the Generally Accepted Accounting Principles (Lux GAAP) and Generally Accepted Accounting Principles in the United States (US GAAP) that apply to investment funds in Luxembourg.

The purpose of this publication is to provide an overview of the key differences and similarities between IFRS, Lux GAAP and US GAAP. This guide is based on the IFRSs to be applied by an entity with an annual period beginning on or after 1 January 2021. 

In the comparison report:

Find out how LuxGAAP, US GAAP and IFRS compare in the following areas:

Investors new to Luxembourg GAAP need a straightforward introduction to the key differences between Luxembourg and US accounting standards and IFRS. This guide is an excellent entry point to allow investors of all kinds to build knowledge in this area.

Victor Chan Yin
Partner, KPMG Luxembourg

  • Financial reporting framework
  • Financial statements
  • Assets
  • Liabilities/equity
  • Revenue
  • Expenses
  • Consolidated financial statements
  • Other accounting and reporting topics
  • An overview of KPMG’s services services for IFRS and US GAAP.

Your next steps

Are you impacted by the topics in this report? Get in touch with Victor Chan Yin and his team to discuss your perspective or challenges.

This brochure does not provide an exhaustive list of differences that exist or may exist. Additionally, certain investment vehicles may require specific disclosures. Please note that interpretations change over time. Users of this publication should keep abreast of developments and decisions regarding the status of proposed amendments and apply new requirements accordingly.