LuxGAAP accounting in Luxembourg: standard chart of accounts and annual accounts.
LuxGAAP is the Luxembourg accounting standard: accounting kept under the standard chart of accounts (PCN) and the law of 19 December 2002, leading to annual accounts (balance sheet, profit and loss account, notes) filed with the RCS via eCDF. We keep your books under LuxGAAP, prepare your annual accounts and handle their filing, clearly distinguishing LuxGAAP from IFRS.
LuxGAAP (Luxembourg Generally Accepted Accounting Principles) is the Luxembourg national accounting framework. It is based on the standard chart of accounts (PCN, plan comptable normalisé) and on the amended law of 19 December 2002 on the trade and companies register and on the accounting and annual accounts of companies. Annual accounts are prepared at historical cost, with a fair-value option for certain assets, and filed electronically with the RCS via the eCDF platform.
Amended law of 19 December 2002 on the trade and companies register and on the accounting and annual accounts of companies. Standard chart of accounts (PCN) under the grand-ducal regulation of 10 June 2009. Electronic filing with the RCS via the eCDF platform.
Key takeaway
- LuxGAAP is the Luxembourg accounting standard, based on the standard chart of accounts (PCN) and the law of 19 December 2002.
- Annual accounts (balance sheet, profit and loss account, notes) are prepared at historical cost, with a fair-value option for certain assets.
- They are filed electronically with the RCS via the eCDF platform.
- LuxGAAP differs from IFRS, which remain optional for some entities and mandatory for others.
What is LuxGAAP?
LuxGAAP is the body of Luxembourg accounting principles applicable to the vast majority of companies in the country. It is based on the standard chart of accounts (PCN), a standardised chart of accounts, and on the amended law of 19 December 2002, which frames accounting, annual accounts and their filing with the RCS.
Under LuxGAAP, annual accounts comprise a balance sheet, a profit and loss account and notes. They are prepared mainly at historical cost, with a fair-value option for certain financial instruments and assets, depending on the company's choices.
What is the standard chart of accounts (PCN)?
The standard chart of accounts (PCN) is the Luxembourg standardised chart of accounts. It structures the recording of transactions into predefined classes and accounts, which harmonises the presentation of accounts and facilitates electronic filing with the RCS.
Keeping books that comply with the PCN is the foundation of LuxGAAP: we configure your accounting on this chart from takeover, so that your annual accounts and their eCDF filing follow seamlessly.
Annual accounts and RCS filing via eCDF
At year-end, the company prepares its annual accounts (balance sheet, profit and loss account, notes) under LuxGAAP. These accounts are then filed electronically with the trade and companies register (RCS) via the eCDF platform, in the standardised formats.
We handle the whole chain: ongoing bookkeeping, preparation of the annual accounts and eCDF filing, meeting the legal deadlines specific to your financial year.
LuxGAAP or IFRS: what is the difference?
LuxGAAP is the national framework, based on the PCN and historical cost (with a fair-value option). IFRS is an international framework, more fair-value oriented, mandatory for certain entities (for example listed companies for their consolidated accounts) and optional for others.
Most Luxembourg companies keep their accounts under LuxGAAP. We tell you which framework applies to your situation and, where relevant, support a LuxGAAP / IFRS conversion.
Size categories and obligations
The law distinguishes categories of companies (small, medium, large) based on thresholds of balance-sheet total, turnover and headcount. These categories determine the extent of the accounts to be published and any obligation to have the accounts audited.
We determine your size category, draw the consequences for the presentation and filing of accounts, and direct you towards an external audit when it becomes required.
Who this is for
- Luxembourg companies required to prepare annual accounts
- Holdings (SOPARFI, SPF) and operating companies
- Subsidiaries of foreign groups keeping local accounts
- Directors wanting to outsource their LuxGAAP accounting
What we do
- Bookkeeping under the standard chart of accounts (PCN)
- Preparation of annual accounts (balance sheet, P&L, notes)
- Applying historical cost or fair value as appropriate
- Electronic filing of accounts with the RCS via eCDF
- Advice on size categories and the related obligations
Estimated timelines
Pricing indication
Indicative ranges, excluding disbursements and taxes. Firm quote after scoping.
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Preparation checklist
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The process, step by step
Takeover & set-up
Taking over the balances, configuring the standard chart of accounts (PCN) and setting valuation rules (historical cost, fair value where relevant).
Ongoing bookkeeping
Posting and reconciling entries, bank reconciliations, VAT and account monitoring throughout the financial year.
Annual accounts
Preparing the balance sheet, profit and loss account and notes in accordance with LuxGAAP.
eCDF / RCS filing
Formatting to the eCDF standards and electronic filing of the annual accounts with the trade and companies register.
Frequently asked questions
What is LuxGAAP?
What is the difference between LuxGAAP and IFRS?
What is the standard chart of accounts (PCN)?
How are annual accounts filed in Luxembourg?
Must all companies keep LuxGAAP accounts?
How much does LuxGAAP accounting cost?
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