The Government Council, meeting on Friday 22 June 2018, approved the draft Grand-Ducal Regulation determining the content of the standard chart of accounts referred to in Article 12 of the Commercial Code and repealing the Grand-Ducal Regulation of 10 June 2009 determining the content and presentation of a standard chart of accounts.
The draft Grand-Ducal Regulation aims to revise the Standard Chart of Accounts (PCN) in force since 1st January 2011 by repealing the Grand-Ducal Regulation of 10 June 2009 and replacing it with a modernised PCN that is better suited to the needs of undertakings and governmental users.
Among the new features is the introduction of a standard mapping table, which can be adapted by undertakings and which, while improving the traceability of accounting information, also reduces the administrative burden through the automatic generation of the balance sheet and profit and loss account. The new PCN is expected to be applied for the first time to financial years beginning on or after 1st January 2020, with the vast majority of undertakings filing their accounts in 2021.