International Financial Reporting Standards
More than 140 jurisdictions around the world have adopted the International Financial Reporting Standards (IFRS). Since 2005, every quoted company in Europe must prepare their financial statements under these standards. In Luxembourg, companies can opt for IFRS as adopted by the European Union for their stand-alone or consolidated financial statements.
Grant Thornton Luxembourg combines broad experience with deep technical know-how in the application of the standards and the preparation of IFRS financial statements. We can also help you to convert to or from Lux GAAP and IFRS (as adopted by the European Union).
IFRS have evolved drastically over the last few years with important changes, such as : recognition and measurement of financial instruments, lease accounting (IFRS 16), revenue (IFRS 15), etc. At Grant Thornton Luxembourg, we have up-to-date market expertise in the implementation of these new standards.
Our IFRS services include the following:
- Assurance services : auditing on contractual or legal basis stand-alone and/or consolidated financial statements prepared under IFRS (as adopted by the European Union)
- Gap analysis : Identifying client-specific differences between Lux GAAP and IFRS
- Conversion : helping management to select IFRS accounting policy alternatives, including consideration of their implications, identifying information requirements for converting to or from Lux GAAP and IFRS, determining adjustments necessary to align financial reporting with the appropriate basis of accounting
- Preparation : assisting companies to prepare their stand-alone and/or consolidated financial statements and disclosures to meet IFRS requirements
- Training : providing comprehensive or targeted training for staff
- Valuation : valuation memorandums regarding price purchase allocation in the context of business combinations, impairment tests (goodwill, intangibles, etc.) and/or financial instruments
- Technical analysis : regarding the accounting treatment of complex transactions under IFRS (financial instruments , consolidation matters, etc.)