Legal publication of accounts

The legal publication of accounts of credit institutions is governed by the law of 17 June 1992 relating to the accounts of credit institutions, as amended by the law of 16 March 2006 relating to the introduction of the IAS/IFRS international accounting standards for credit institutions.

 

The law of 16 March 2006 introduces into the law of 17 June 1992 major amendments in relation to the accounting regime of accounts published by credit institutions. On the one hand, the law of 16 March 2006 transposes, for the banking sector, the optional regime of the IAS Regulation (Article 5) allowing to extend the scope of application of the IAS standards to unlisted companies and to annual accounts. On the other hand, the law of 16 March 2006 transposes the Fair Value and Accounts Modernisation Directives, and introduces, among other things, the option to use certain provisions of the IAS/IFRS standards (“IAS options”).

 

With the exception of listed credit institutions which have to publish their consolidated accounts according to the IAS/IFRS standards pursuant to the mandatory regime of the IAS Regulation (Article 4), the law of 17 June 1992, as amended, thus permits credit institutions to publish their annual accounts or, where applicable, their consolidated accounts, according to one of the following three accounting regimes:

 

  • Current accounting regime (LUX GAAP);
  • Mixed accounting regime (LUX GAAP with “IAS options”);
  • IAS/IFRS accounting regime.

 

By virtue of circular CSSF 08/340, all credit institutions are authorised to apply the IAS/IFRS standards, on individual and consolidated level. The prior agreement of the CSSF is no longer required.

 

In order to promote a prudent and harmonised application of the “IAS options”, the latter should be submitted to the prior approval of the CSSF, at individual and consolidated level. Credit institutions intending to use “IAS options” shall thus submit a written request to the CSSF, specifying which provision(s) of the IAS/IFRS standards they wish to use.

 

Circular CSSF 08/340

 

The purpose of circular 08/340 is to provide further details on the legal publication of accounts, i.e.:

 

1) explain the changes introduced by the law of 16 March 2006 relating to the introduction of the international accounting standards for credit institutions;

2) clarify certain issues related to the legal publication of accounts; and

3) deal with the interaction between the accounting regime for the legal publication of accounts and the prudential financial reporting under IAS/IFRS.

 

The circular also provides details in relation to the first application of IAS/IFRS standards to the prudential financial reporting.

 

Moreover, the circular amends two points of circular CSSF 01/27 relating to the practical rules on the role of external auditors.

 

Instructions

 

Information to be published under LUX GAAP or LUX GAAP with "IAS options"

 

Credit institutions publishing their accounts under LUX GAAP and institutions publishing their accounts under LUX GAAP and applying one or several provisions of the IAS/IFRS standards (LUX GAAP with “IAS options”) must apply the document "Information to be published under LUX GAAP or LUX GAAP with "IAS options"". This document provides details relating to the information to be published, the documents to be submitted to the CSSF in the context of the legal publication of accounts and to the publication regime for the institutions concerned.

Information to be published under LUX GAAP or LUX GAAP with "IAS options" (only in French)

 

In order to identify the changes introduced in the amended law of 17 June 1992 by the law of 16 March 2006, a marked-up version of the document “Information to be published under LUX GAAP or LUX GAAP with “IAS options” is available below.

Information to be published under LUX GAAP or LUX GAAP with "IAS options" (marked-up version) (only in French)

 

Information to be published under IAS/IFRS

 

Credit institutions publishing their accounts under IAS/IFRS must apply the document "Information to be published under IAS/IFRS". This document provides details relating to the information to be published, the documents to be submitted to the CSSF in the context of the legal publication of accounts and to the publication regime for the institutions concerned.

Information to be published under IAS/IFRS (only in French)

 

Useful documents

Circular CSSF 08/340

Circular CSSF 01/27