IFRS versus LUX GAAP
A comprehensive comparison
This document provides a summary and a clear and practical oversight of the key differences between the requirements of IFRS and LUX GAAP.
The summary in this whitepaper 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.
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 entity’s operations, the industry in which it operates, and the accounting policy choices it has made. Reference to the underlying accounting standards and any relevant national regulations is essential in understanding the specific differences.
As IFRS and LUX GAAP are developing over time, we recommend you to approach your advisor in case you want to make an analysis of the differences between IFRS and LUX GAAP specific for your company. Although great care has been given to the publication Deloitte S.à r.l. and the authors will take no responsibility for any omissions.
Deloitte Luxembourg IFRS Practice
Deloitte Luxembourg has received the title and is now one of the IFRS Center of Excellence within the Deloitte member firm network.
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