Lux GAAP vs IFRS: Key similarities and differences - Confirmed session!
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Lux GAAP vs IFRS: Key similarities and differences - Confirmed session!

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courseType Technical Skills, Financial Sector

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General course details

Introduction:

International Financial Reporting Standards ("IFRS") have gained momentum in Europe. The globalisation of business and finance has inevitably led to calls for a common set of high quality, global accounting standards. IFRS has been successfully adopted in almost a hundred of countries over the last couple of years.
Luxembourg actively supports the development of these international accounting standards and, since 2010, the option to use IFRS as adopted by the European Union for the preparation of both stand-alone and consolidated accounts of non-listed companies has been introduced into national law.
Therefore, mastering the key differences between these two frameworks and be able to identify the risks and opportunities linked to the adoption of this or that accounting standard is essential for accounting practitioners.

Objectives:

At the end of the training, participants will be able to:
  • explain the basic principles of both frameworks;
  • understand the main differences between the two frameworks;
  • describe the key attention points when passing from one framework to the other.

Content:

1. Introduction
 
2. Presentation of financial statements
2.1 General requirements
2.2 Balance sheet – Statement of financial position
2.3 Profit and loss account – Statement of comprehensive income
2.4 Statement of change in equity
2.5 Statement of cash flows
3. Main balance sheet items
3.1 Tangible assets
3.2 Intangible assets and goodwill
3.3 Financial assets
3.4 Inventories
3.5 Equity vs debt instruments
3.6 Provisions and contingent liabilities
4. Main profit and loss accounts items
4.1 Revenue recognition
4.2 Expenses recognition

Target audience:

  • Chartered accountants
  • Auditors

Participants must have a minimum knowledge of IFRS to follow this course. For beginners, we suggest the course IFRS - Fundamental Concepts.

Our Lead experts

This training is coordinated by Marc Minet, head Partner of IFRS Learning Solutions of PwC Luxembourg and Véronique Tinel, Partner in charge of the LuxGAAP Technical Team of PwC Luxembourg.

​Marc Minet is the IFRS leader for PwC Luxembourg and is partner in the Assurance Practice. He has over 20years’ experience in serving financial and multinational institutions providing audit and advisory services. From 2004 to 2006, he was part of the PwC Global Accounting and Consulting Services (GACS) central team in London as a partner specialised in accounting for financial instruments under IFRS.
Back to Luxembourg, he continues to audit and advise groups reporting under IFRS. His experience includes the audit of listed international groups preparing consolidated financial statements under IFRS, capital market transactions (IPO, bond offerings), IFRS conversions, accounting advices and training solutions.
Veronique Tinel.jpg
 
​Véronique Tinel is the Partner in charge of LuxGAAP. She has 17 years of audit experience in commercial & industrial companies, international structures and real estate groups under Luxembourg GAAP and IFRS.
Since July 2012, she is working in our Tax department as an accounting expert assisting multinationals and local entrepreneurs in accounting and reporting areas. She is also supervising the preparation of stand-alone or consolidated financial statements, various reportings and the conversion from foreign GAAP to Luxembourg GAAP.

Practical information

Language: English
Number of participants: Limited to 20 to ensure a good interactivity.
Duration: 4 hours


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