2016 eCDF forms2016 eCDF forms Author KPMG Luxembourg Subject Frequently asked questions September...
Transcript of 2016 eCDF forms2016 eCDF forms Author KPMG Luxembourg Subject Frequently asked questions September...
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2016 eCDF formsFrequently asked questions September 2016
What does this mean for 2016 year-ends?
The eCDF forms relating to the annual accounts of fi nancial years beginning on or after 1 January 2016 have been amended to comply with the requirements of the Accounting Law of 18 December 2015 and the related Grand-Ducal Regulation of 18 December 2015 setting out new layouts for the balance sheet (B/S) and profi t and loss account (P&L).
At this stage, the Luxembourg standard chart of accounts remains unchanged.
What are the key changes to the eCDF forms?
KEY CHANGES POTENTIAL IMPACT
Presentation of the profi t and loss account as a list by expense type
Change in presentation method, especially for fi nancial result Negative values for charges
Removal of extraordinary income/charges captions
Change in presentation method (disclosure in the notes instead)
Removal of subordinated debts caption
Change in presentation method
Removal of own shares caption under B/S fi xed assets
Change in presentation method
Likely change in accounting method
No further capitalisation of research costs
Change in accounting method
Changes in presentation entail reclassifi cation of the 2015 comparatives in the 2016 annual accounts.
How can you prepare for the transition?
Reclassify the 2015 comparatives in 2016 eCDF forms
Focus on presentation of financial results
Prepare a description of the revised layouts and new legal requirements for disclosure purposes
Prepare an explanation of the reclassifi cation of 2015 comparatives for disclosure purposes
Identify the counterparties of subordinated debts
Identify changes in accounting policies and decide how to account for these changes
Prepare an explanation of the modifi cation of the accounting policies for disclosure purposes
What tools are available?
The Luxembourg Accounting Standards Board (“CNC”) has issued three Q&As, including indicative mapping tables, which are intended to assist those preparing 2016 annual accounts:
Q&A CNC 16/008 provides an indicative mapping table between the extraordinary charges and income accounts of the standard chart of accounts and the captions of the 2016 profi t and loss account.
Q&A CNC 16/010 provides an indicative mapping table between eCDF 2016 and eCDF 2015.
Q&A CNC 16/011 provides an indicative mapping table between the fi nancial assets and liabilities of the 2016 B/S and the fi nancial income and charges for the 2016 P&L.
These mapping tables are indicative; the true and fair view of an entity’s annual accounts remains the responsibility of the governing body.
www.kpmg.lu
Since 1 January 2012, non-regulated companies preparing annual accounts under
Lux GAAP are required to fi le an annual accounting package via the Trade Register
electronic platform, including structured information through eCDF forms.
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For more information, please contact:
KPMG Luxembourg, Société coopérative39, Avenue John F. KennedyL-1855 LuxembourgTel: +352 22 51 51 1
www.kpmg.lu
The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.
© 2016 KPMG Luxembourg, Société coopérative, a Luxembourg entity and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
Thierry RavasioPartner, Audit
Tel: +352 22 51 51 [email protected]
Jean-Manuel SerisPartner, Audit
Tel: +352 22 51 51 [email protected]
Françoise RenardPartner, Audit
Tel: +352 22 51 51 [email protected]
Yves ThornAssociate Partner, Audit
Tel: +352 22 51 51 [email protected]
Fabien HedouinAssociate Partner, Audit
Tel: +352 22 51 51 [email protected]
Fabrice Leonardi Partner, Audit
Tel: +352 22 51 51 [email protected]
Christelle BousserPartner, Audit
Tel: +352 22 51 51 [email protected]
Christoph SchmittAssociate Partner, Audit
Tel: +352 22 51 51 [email protected]
