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Law of 30 July 2013: Modernisation of accounting Law and reform of the CNC - 28/10/2013


One and a half years after the publication of draft law 6376 aimed at completing the modernisation of company accounting legislation following the entry into effect of the Law of 10 December 2010 introducing international company accounting standards, it was adopted by the Chamber of Deputies. The Law of July 30, 2013 (hereafter referred to as the "Law"), which also reforms the Commission des Normes Comptables (the Accounting Standards Commission, hereafter the “CNC”), was published in the Mémorial, Luxembourg’s official journal on 2 October 2013.

In this issue:

  • Modernisation of accounting law
    • Eight key changes could potentially impact your company
    • The other key amendments introduced by the Law solely concern companies adopting IFRS or applying the fair value option
    • Some principles are clarified and some practices are confirmed by their inclusion in the Law
    • Entry into effect
  • Reform of the CNC
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