Give a comprehensive review of Lux GAAP, based on a detailed analysis of its local sources. The purpose is to deal more efficiently with a principles-based set of accounting rules where a detailed guidance is not easily accessible (legal commentaries being in French only) and where certain items are lacking.

• Financial disclosures:
  • Influences of the general accounting principles;
  • Requirements of section 8  of the Accouting law (art. 65 seq.);
  • Requirements of related articles existing in other sections of the Accounting law;
  • Requirements of other laws and régulations.
• How to deal with a legal requirement expressed in general terms/the absence of accounting best practices?
• Comprehensive review of the rights and commitments:
  • Guarrantees, pledges and similar collaterals;
  • Technical guarantees;
  • Finance lease;
  • Forward contracts;
  • Option contracts;
  • Other rights and commitments.
• Comprehensive review of the related party transactions.
• Non-financial disclosures: elements existing in:
  • the notes to the annual accounts;
  • the management report;
  • the payments to governements report.
• Illustrative examples will be used to set up an interactive discussion.