The purpose of this bill is to overhaul the Luxembourg
accounting law applicable to companies. This reform aims to
modernize Luxembourg accounting law by making it more readable and
intelligible, better structured and correctly articulated.
The bill n°8286 (hereinafter the
"Bill") regarding the accounting, annual
financial statements and consolidated financial statements of
companies as well as the reports relating thereto and abolishing
the function of supervisory auditor (commissaire) in
company law was submitted to the Chamber of Deputies (Chambres
des Députés) on 28 July 2023. The main aim of
this ambitious Bill is to reorganize the Luxembourg's
accounting law into a single law but also to introduce an audit
requirement for "large holding companies", to modernize
the accounting regime for dissolved companies and companies in
liquidation and to abolish the function of supervisory auditor
(commissaire) in company law.
