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Lux GAAP–IFRS–US GAAP: A Comprehensive Comparison

Published on: 16 May 2007

Deloitte & Touche (Luxembourg) has published Lux GAAP–IFRS–US GAAP: A Comprehensive Comparison. This publication sets out the key differences between Luxembourg GAAP, IFRSs, and US GAAP as of 28 February 2007. Regarding Luxembourg GAAP, the report states:

IFRS will be introduced into the local Luxembourg commercial law as an alternative to the current Luxembourg accounting principles. The international standards have already been included as an accounting option for credit institutions. The Luxembourg authorities are working on a draft commercial law, this will give the option to use IFRS for statutory accounts, to any limited companies registered in Luxembourg.

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