Audit
IASB’s Primary Financial Statements project – why we’re watching now
In December 2021, Luxembourgish regulator CSSF issued its enforcement priorities for 2021 annual reports. As expected, CSSF’s enforcement priorities align with the European Common Enforcement Priorities for 2021 financial reports issued in October 2021 by the European Securities and Markets Authority (ESMA). However, we want to shine a light on additional pri […]
Luxembourg’s long-form reform – how ready are you?
Origin of the reform At almost 20 years old, the current long form is no longer adapted to today’s fund landscape. Why? Some fund types were not in the scope of the requirement, so investment fund managers did not need to prepare a long form–even though they play an important role in the fund ecosystem. In addition, the long-form data was not in a format th […]
US GAAP: an acceptable accounting principle in Luxembourg?
As more and more US-based asset managers choose Luxembourg for their next alternative investment funds (AIFs), the question they invariably ask is whether they can keep the accounting principles they are using for their current structures: United States Generally Accepted Accounting Principles (US GAAP). Many of these asset managers also run parallel funds al […]
Internally generated GDPR module: to capitalize or not to capitalize?
Did you know that IAS 38 Intangible Assets is almost half a century old? In fact, the first exposure draft dates all the way back to 1977. So, if you think that the first portable computer was only produced in 1981, you can get an idea of just how old it is and how different technology was at that time. In the Digital Era where intangible assets are a company […]
Proposed amendments to sale-and-leaseback. How ready are you?
In mid-2020, the IFRS Interpretations Committee (IFRS IC) received a question on how to measure a lease liability and right-of-use (ROU) asset on a sale-and-leaseback transaction with fully variable payments. You might be wondering what sparked this question in the first place. Well, IFRS 16 prohibits the inclusion of variable lease payments (except for those […]
