The objective of this brochure is to provide you with a summary and a clear and practical oversight of the key differences between the requirements of IFRS and LUX GAAP. This summary takes new Standards (except for IFRS 17) and recent amendments regarding IFRS and LUX GAAP up to August 2017 into account.
You may have seen our first publication describing the differences between the two accounting frameworks. A lot of development and discussions have taken place since then. The issuance of IFRS 9, 15 and –to a certain extent –IFRS 16 was the result of getting many different views from those who were in favor and those who were against these standards. We believe that because of these standards, the gap between IFRS and LUX GAAP is getting larger.
In this brochure we have listed the differences between the new standards and LUX GAAP in the main part of the document, while the comparison with the old standards are included in the appendices.
This summary does not attempt to capture all of the differences that exist or that may be material to a particular entity’s financial statements. Our focus is on differences that are commonly found in practice. Moreover, the significance of these differences -and others not included in this list -will vary with respect to individual entities depending on such factors as the nature of the undertaking's operations, the industry in which it operates and the accounting policy it has chosen. As a result, reference to the underlying accounting standards is key in understanding the specific differences.
Moreover, the significance of these differences -and others not included in this list -will vary with respect to individual entities depending on such factors as the nature of the undertaking's operations, the industry in which it operates and the accounting policy it has chosen. As a result, reference to the underlying accounting standards is key in understanding the specific differences.