FINANCIAL STATEMENTS PREPARATION

Financial Statements Preparation

FINANCIAL STATEMENTS PREPARATION

Every country you have business in will have its own accounting challenges, and Luxembourg is no different. Working with local experts can help you to overcome the challenges and head for success.

No matter if you are stuggling with corporate income tax or any other taxes in Luxembourg, it is critical to create an accounting structure that produces accurate information and analysis as a base for strategic decision-making.

Based on recent company laws, company management is responsible for having accounts that give a true and fair view of the company to its shareholders.

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Navigating Accounting Challenges in Luxembourg

Operating a business in any country comes with its unique set of accounting challenges, and Luxembourg is no exception. Collaborating with local experts becomes instrumental in overcoming these challenges and steering towards success.

Regardless of whether your business is subject to corporate income tax, establishing a robust accounting structure is imperative. This structure serves as the foundation for generating accurate information and analysis, providing a crucial base for strategic decision-making.

The company law emphasizes that company management is accountable for maintaining accounts that offer a true and fair view of the company to its shareholders.

Addressing accounting challenges in Luxembourg demands a strategic approach. Whether it’s adapting to tax regulations or ensuring compliance with evolving company laws, working with seasoned professionals ensures not just adherence but strategic financial management. Our team is dedicated to guiding businesses through these complexities, unlocking the full potential for growth and success.

Regulatory Financial Reporting in the Luxembourg

Entities with regulated activities in Luxembourg – for example, entities that are regulated by the Central Bank, CSSF – are obliged to file their accounts on a regular basis with the regulator in addition to filing their accounts to the Trade can Companies Register. This can be on a quarterly to annual basis.

Considering the nature of the entity’s operations, we estimate that preparation of monthly financial reporting (in either our own format or yours if you let us know requirements) is required.

Let us know your requirements, and we will prepare a reporting package to suit. The completed report package will be submitted to you before on a monthly basis, provided all the necessary information and documents are prepared and made available to us on a timely basis.

The monthly report includes:

Balance sheet
Income statement
Trial balance
Bank reconciliation statement
General ledger
Balance sheet and selected expenses details
Petty cash report
Client’s monthly reporting package, if required

The computation of the accounts is based on the relevant records/documents, information and explanation supplied to us. The control, accuracy, and completeness of those is therefore the responsibility of the client and the company management.

The Annual report includes:

Preparation of annual accounts including notes, management report (if required, with the assistance of the client) under Lux GAAP (and coordinating audit if mandatory).
Ecdf platform:
1) preparating and filing of the Balance sheet / Abridged balance / SPF balance sheet sheet under Lux GAAP;
2) preparating and filing of the Profit and Loss Account / Abridged Profit and Loss Account / SPF Profit and Loss Account sheet under Lux GAAP;
3) preparating and filing of the Chart of Accounts under Lux GAAP.
RCS platform:
1) filing of annual accounts;
2) filing of consolidated accounts (if required).

All entities are required to file their annual accounts with the RCS, duly approved, within the month of their approval and no later than seven months after the end of the financial year.

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FINANCIAL STATEMENTS PREPARATION