The “Commission des normes comptables (CNC)” (Accounting Standards Board) announces the revision of Q&A CNC 22/026 (R) entitled “Currency of bookkeeping and of presentation of the annual accounts under LUX GAAP and LUX GAAP – FV regimes”.

This Q&A has been revised to remove the reference to ISO 4217 “Currency codes” as the international standard used to define the currencies that may be chosen by Luxembourg undertakings for their day-to-day bookkeeping and for the presentation of annual accounts, and to replace it with a reference to the well-established practice in the Grand Duchy of Luxembourg. In accordance with this well-established practice, “a company incorporated under Luxembourg law is therefore free to select a currency of its choice that is legal tender for the purposes of bookkeeping and preparing its annual accounts, provided that it is a fully convertible and freely usable currency and is issued or guaranteed by a central bank or a public authority”.