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Comparison between IFRS for SMEs and Luxembourg GAAP

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12 Jul 2010

Deloitte Luxembourg has published a comparison between the requirements of the IFRS for Small and Medium-sized Entities (IFRS for SMEs) and Luxembourg Generally Accepted Accounting Principles (LUX GAAP).

The publication compares the two accounting frameworks, highlighting the variations commonly possible, with the aim of providing a clear and practical overview of the differences that exist. Today, IFRS for SMEs are neither part of the European Accounting Regulation, nor of the current Luxembourg commercial law. Accordingly it cannot be used for statutory purposes. Nevertheless there could be entities in Luxembourg applying it for group reporting purposes, because IFRS for SMEs has already been adopted in several jurisdictions. Click for:

 

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