Luxembourg Standard Chart of Accounts 2.0 has been saved
Luxembourg Standard Chart of Accounts 2.0
18 October 2019
Regulatory News Alert
On 23 September 2019, the Grand-Ducal Decree of 12 September 2019 (the GDD) determining the new Luxembourg Standard Chart of Accounts (the 2020 SCA) was published in the Luxembourg Official Journal. This GDD supersedes the previous decree that established the first Standard Chart of Accounts (the 2009 SCA) in 2009.
The 2020 SCA will apply to financial years beginning on or after 1 January 2020.
The modernization of the SCA was designed to better meet the needs of companies and public users, and considered the results of the consultation process handled by the Commission des Normes Comptables (the CNC). This new SCA enhances the alignment with the previous layouts of the annual accounts required by the 2013/34 European Accounting Directive implemented four years ago in Luxembourg, in particular with the deletion of accounts related to extraordinary income and expenses. Additionally, some accounts of the SCA have been added, deleted, merged, or split.
The 2020 SCA includes a mandatory mapping table, customizable by companies, for filling-in the balance sheets and profit and loss accounts. It aims to improve the traceability of the accounting information, to harmonize the practice, and to simplify the process of preparing the annual accounts.
The 2020 SCA, the related validation rules, and the mapping tables are already available on the eCDF website (in English, French, and German). However, the final deployment and activation in production of the 2020 SCA (together with the new mode of operation for the filling of the balance sheets and profit and loss accounts based upon this SCA and the corresponding mapping tables), will only occur as from 4 January 2021.
The CNC issued a very useful comparison between the 2009 SCA and the 2020 SCA, available in English, French, and German, where you can also find the contact details of the mailboxes opened by the CNC and STATEC to communicate any issues or questions.
Some tips for a successful transition to the new SCA:
- Ensure that your accounting software can support the new SCA
- Anticipate the timing and transition steps it will take, to switch from the previous SCA to the new one
- Regularly check the CNC website for new or updated guidance.
Get ready for the next generation!