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On December 20, 2011 the Luxembourg Ministry of Justice presented a draft law to continue with the modernization of accounting further to the entry into force of the law of December 10, 2010 (the Law). The draft law 6376 is threefold: it reorganizes the Luxembourg Accounting Standards Board (Commission des Normes Comptables), provides a legal framework for the determination of distributable reserves when either IFRS or the fair value accounting option are used and modifies and refines certain provisions pertaining to the annual and consolidated accounts of undertakings. This draft law is thus considered a necessary step to address some of the pitfalls created by the implementation of the Law and provides more guidance to help undertakings apply the Law in a...
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