Accounting in the liquidation of a company

Published on Jun 29, 2015

All good things come to an end! Even companies. Companies can end for various reasons, as a result of bankruptcy, for example, or for more positive reasons such as their dissolution to distribute the profits accumulated over time. There are two ways to dissolve a Luxembourg company: ...

Accounting entries in withholding tax for receivable income

Published on Jun 15, 2015

If a company pays to a beneficiary income which is liable to withholding tax, the tax due is not to be charged to the debtor but rather it is the beneficiary who is taxed, even if the tax is paid by the income debtor. Normally the tax debt should be recorded on the date the actual income is ...

Fair value of assets

Published on Apr 27, 2015

Luxembourg accounting law (law of December 10, 2010) offers companies the possibility of reporting their assets at 'fair value'. Fair value is measured principally for financial instruments (shares, debts, futures, options, swaps, etc.) or for any asset that can be assessed at fair ...

Accounting law reforms (2013)

Published on Apr 17, 2015

Luxembourg accounting law has evolved with new modifications introduced by the law of July 31, 2013. Reforms included changes to the Commission on Accounting Norms, various modifications related to corporate accounting and financial statements as well as consolidated accounts on certain types of ...

Centralized balance sheet database

Published on Mar 27, 2015

Luxembourg introduced a Standard Chart of Accounts as of January 1, 2011. Accompanying this new standard, Luxembourg set up a centralized balance sheet database1 in 2012 All Luxembourg companies must file the balance of their accounts with the balance sheet database. This rule applies to the ...

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