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Key Terms

  • Annual Accounts (Comptes Annuels): Mandatory financial statements consisting of balance sheet, income statement, and notes
  • LUX GAAP (Luxembourg Generally Accepted Accounting Principles): Accounting standards and principles applicable in Luxembourg
  • Law of 19 December 2002 (Accounting Law): Primary legal source for financial reporting in Luxembourg
  • Commercial Code (Code de Commerce): Additional legal requirements for business registration and commercial activities
  • Balance Sheet (Bilan): Statement showing company's assets, liabilities, and equity at a specific date
  • Income Statement (Compte de Profits et Pertes): Statement showing company's revenues, expenses, and results for a period
  • Notes (Annexe): Additional information and explanations accompanying balance sheet and income statement
  • True and Fair View (Image Fidèle): Principle requiring financial statements to accurately represent company's financial position
  • RCS (Registre de Commerce et des SociĂ©tĂ©s): Luxembourg's trade and companies register
  • eCDF (Electronic Corporate Documents Filing): Mandatory electronic filing platform for annual accounts
  • FAIA (Fichier d'Audit InformatisĂ© AED): Standardized electronic file format for tax audit purposes
  • SA (SociĂ©tĂ© Anonyme): Public limited company, always requires audit
  • SĂ rl (SociĂ©tĂ© Ă  responsabilitĂ© limitĂ©e): Private limited company
  • Small Company: Company not exceeding 2 of 3 criteria (balance sheet €4.4M, turnover €8.8M, employees 50)
  • Medium Company: Company not exceeding 2 of 3 criteria (balance sheet €17.5M, turnover €35M, employees 250)
  • Large Company: Company exceeding 2 of 3 criteria (balance sheet >€17.5M, turnover >€35M, employees >250)
  • Abbreviated Financial Statements: Simplified financial statements allowed for small companies
  • Full Financial Statements: Complete financial statements required for medium and large companies
  • Statutory Audit: Mandatory audit of annual accounts by certified auditor
  • Certified Auditor (RĂ©viseur d'Entreprises AgrĂ©Ă©): Qualified auditor authorized to audit Luxembourg companies
  • Document Retention: Requirement to retain accounting documents for 10 years
  • Filing Deadline: 7 months after fiscal year end for filing annual accounts

End of Chapter 30 Key Terms