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This Banking Briefing contains at-a-glance overviews of the hottest topics for the Luxembourg Banking community in the period to come. Organized around the main megatrends affecting the industry, they allow professionals to stay one step ahead of the next main developments.

The international anti-abuse tax initiative, initially aimed at counteracting aggressive tax strategies used by multinationals, has hit the fund industry hard.

The Luxembourg Accounting Standards Board, Commision des Normes Comptables, issued a general notice regarding the accounting term of floating financial year.

IFRS 9 has now been applicable for over a year, but some of its changes have often been either overseen or neglected—even when they could have a material impact on the accounts.

On 7 May 2020, the Luxembourg Parliament passed the draft law n°7540 which relates to the extension of certain deadlines relating to accounting obligations of entities of the financial...

The Luxembourg Accounting Standards Board (Commission des Normes Comptables - CNC) issued Q&A CNC 25/036 today, which replaces Opinion CNC 09/002.

With new major standards (IFRSs 9, 15, and 16) coming thick and fast, it might be easy to forget about other, newly effective requirements—notably IAS 7 Statement of Cash Flows.

On 29 November 2023, the CSSF published an update to the FAQ concerning CSSF Circular 22/811 on UCI Administrators ("UCIA Circular") by adding questions 3.3, 4 and 5.

The Luxembourg Tax Authorities updated twice the circular of 8 January 2021 dealing with certain aspects of the interest deduction limitation rule ("IDLR")...

Tuning up the communication of financial reporting is the main project of the International Accounting Standards Board (IASB) at the moment.

The OECD's Pillar Two project aims to ensure that Multinational Enterprises (MNE) groups meeting the EUR 750 million consolidated revenue threshold are always...

The International Accounting Standards Board (IASB) has recently updated its definition of "material" as it appears in IAS 1 and IAS 8

The measurement of fair value, along with any related disclosures, is an important area of focus for accountants, regulators, investors, and shareholders.

Yup, you guessed what it is: discount rate.

On 28 June 2023, a new law on non-profit organisations and foundations was adopted by Luxembourg Parliament. The new law dated 7 August 2023 and published on 19 September 2023...

On 28 June, Bill No. 6054 on non-profit organisations ("ASBLs") and foundations was voted into law. The law will enter into force in September and repeals the Law of 21 April 1928, as amended.

As we've seen over the last few months, IFRS 16 has brought about a lot of changes to the existing treatment of leases, especially for lessees