The “Commission des normes comptables (CNC)” (Accounting Standards Board) announces the publication of Q&A CNC 21/022 entitled “Discontinuity of operations and liquidation basis of accounting under LUX GAAP and LUX GAAP – FV regimes”.

This Q&A aims at contributing to the harmonisation of accounting practices for undertakings in a situation of discontinuity of operations or liquidation by clarifying (i) the accounting obligations applicable to undertakings under the current legislation and (ii) the procedures for implementing liquidation accounting and, where applicable, simplification measures.

In partnership with the University of Luxembourg, an applied research project will be launched shortly to assess, in particular, the content, format and relevance of financial data filed by undertakings in discontinuity of operations or in liquidation. At the end of this research project, the CNC may revisit this issue. If necessary, the Q&A may be subject to further amendments.

Furthermore, as part of the project to overhaul accounting law and without prejudice to the outcome of the legislative process, the CNC intends to propose changes to the accounting obligations applicable to undertakings in liquidation, aimed in particular at extending the obligation to file and publish accounts to undertakings currently exempt from this obligation.