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IFRS

The International Accounting Standards Board (IASB) has for mission to develop a single set of high quality, understandable and enforceable global accounting standards that could serve as a model on which national standard setters could base their own requirements.

The Norwalk Agreement in October 2002, the FASB and the IASB formalised their commitment to the convergence of US GAAP and IFRS by issuing a memorandum of understanding. The two boards pledged to use their best efforts to:

IFRS
  • Make their existing financial reporting standards fully compatible as soon as is practicable
  • Coordinate their future work programmes to ensure that, once achieved, compatibility is maintained

As the IASB and the FASB continue to work on various convergence-related projects, a significant number of countries are currently applying IFRS and additional countries are planning to adopt IFRS over the next few years. A decision about the use of IFRS in the United States is expected by the end of 2011.

IFRSs are now becoming the common language for financial reporting. Many companies underestimate the impact of these principles-based standards on the reporting of their complex transactions. Moreover, they also need to stay up to date on the constant evolution of IFRSs.

We, at Deloitte Luxembourg, are able to provide you with integrated solutions driven by quality. We have IFRS experts available to offer you practical answers: our technical opinions are supported by comprehensive analyses of the relevant guidance applied to your particular facts and circumstances.

As a proactive partner, we will inform you on a timely basis of IFRS developments that may impact your financial reporting, in order to manage such changes appropriately.

Learn more about the type of services Deloitte Luxembourg can provide to satisfy your needs while navigating on this Deloitte Luxembourg IFRS portal:

If you want to contact us, do not hesitate to send an e-mail to LU IFRS Desk.

Related links

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Contacts

  • Eddy R. Termaten
    Partner - Audit

Deloitte IFRS library

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More Learn more

  • Accounting Directive 2013/34/EU via draft Law 6718 - 19/09/2014
    The Directive 2013/34/EU on the annual financial statements was published on 29 June 2013 in the Official Journal of the European Union.
  • IFRS 15 – IASB issues a new Standard on revenue recognition - 20/06/2014
    IFRS 15 outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers.
  • Comparison for investment funds 2013 IFRS/U.S GAAP/Luxembourg GAAP | Whitepaper
    Focus on moving toward a set of globally accepted standards in the area of financial reporting that address the needs of fund investors and acknowledge the unique nature of the fund accounting industry.
  • Article
    Third global IFRS banking survey - Still far from land? | Whitepaper
    This report captures banks’ current views on the International Accounting Standards Board’s (IASB) new standards and proposed changes.
  • Definition of investment entities introduced by the IASB - 06/12/2012
    Overview of the model. Defining an “investment entity”. Investments in associates and joint ventures. Non-investment entities.

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