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Chapter Summary

  • Luxembourg financial reporting governed by Law of 19 December 2002 (Accounting Law)
  • Commercial Code provides additional requirements for business registration and activities
  • EU directives transposed into Luxembourg law (Fourth Directive, Fair Value Directive, etc.)
  • Applies to all commercial companies with legal personality (SA, SĂ rl, SNC, SCS, SCA, SEL)
  • Company size classifications: small, medium, large (based on balance sheet, turnover, employees)

Section 30.2: Annual Accounts: Balance Sheet, Income Statement, Notes​

  • Annual accounts consist of three mandatory components: balance sheet, income statement, notes
  • Must be prepared according to LUX GAAP principles
  • Must give true and fair view (image fidèle) of company's assets, financial position, and results
  • Balance sheet structure defined by Article 34 (assets, liabilities, equity)
  • Income statement structure defined by Article 46 (revenues, expenses, results)
  • Notes provide additional information and explanations

Section 30.3: Filing Deadlines: 7 Months After Fiscal Year End​

  • Annual accounts must be filed within 7 months of fiscal year end
  • General meeting approval required within 6 months (for SA, SCA)
  • Electronic filing mandatory through eCDF platform
  • Late filing results in penalties and legal consequences
  • Filing must include all required documents

Section 30.4: RCS (Registre de Commerce et des Sociétés) Filing​

  • All commercial companies must register with RCS
  • Annual accounts must be filed with RCS within 7 months
  • Filing done electronically through eCDF platform
  • Accounts become publicly accessible through RCS portal
  • Filing fees apply (€35-€140 depending on company size)

Section 30.5: eCDF Platform: Electronic Submission​

  • eCDF (Electronic Corporate Documents Filing) is mandatory electronic filing system
  • All companies must file electronically through eCDF
  • Requires digital certificates for authentication
  • Supports XML, PDF, and Excel formats
  • Provides validation, digital signature, and confirmation

Section 30.6: FAIA (Fichier d'Audit Informatisé AED) Requirements​

  • FAIA is standardized electronic file format for tax audit purposes
  • Based on OECD SAF-T (Standard Audit File for Tax) standard
  • Companies must be able to export accounting data to FAIA format
  • Required when requested by tax authorities during audits
  • Most accounting software supports FAIA export

Section 30.7: Document Retention: 10-Year Requirement​

  • All accounting documents must be retained for 10 years from end of fiscal year
  • Applies to accounting records, supporting documents, financial statements
  • Documents must be stored securely and be accessible when needed
  • Electronic documents must remain readable
  • Failure to retain documents may result in penalties

Section 30.8: Audit Requirements: When Audits Are Mandatory​

  • Audit mandatory for companies exceeding 2 of 3 size criteria (balance sheet €4.4M, turnover €8.8M, employees 50)
  • Certain legal forms always require audit (SA, SCA, SEL)
  • Small companies (SĂ rl, SNC, SCS) exempt if they don't exceed thresholds
  • Audit must be completed by certified auditor before filing
  • Audit costs vary based on company size and complexity

Section 30.9: Abbreviated vs. Full Financial Statements​

  • Small companies may prepare abbreviated (simplified) statements
  • Medium and large companies must prepare full statements
  • Abbreviated statements have fewer line items and reduced disclosures
  • Full statements include all required items and comprehensive disclosures
  • Company size determines format requirements

Key Takeaways​

  1. Legal Framework: Luxembourg financial reporting governed by Accounting Law and Commercial Code
  2. Annual Accounts: Three mandatory components (balance sheet, income statement, notes)
  3. Filing Deadline: 7 months after fiscal year end, electronic filing through eCDF
  4. RCS Filing: All commercial companies must file with RCS, accounts become public
  5. eCDF Platform: Mandatory electronic filing system with digital signature
  6. FAIA Requirements: Must be able to export data to FAIA format for tax audits
  7. Document Retention: 10-year retention requirement for all accounting documents
  8. Audit Requirements: Mandatory for large companies and certain legal forms
  9. Statement Format: Small companies can use abbreviated, medium/large must use full

End of Chapter 30 Summary