On 28 July 2023, draft bill 8286 (the Draft Bill) was released, aiming to overhaul Luxembourg accounting law applicable to undertakings (the New Law). The aim is to modernise the law of 19 December 2002 (the Accounting Law), and to group all accounting requirements into one single law (currently in the commercial code, commercial law and accounting law), expanding at the same time the scope of the Accounting Law to FCPs (Fonds Commun de Placement), temporary commercial companies, commercial companies in participation, civil companies, agricultural associations, mutual insurance associations and pension-savings association.
The changes are expected to give more clarity for all users/readers, to clarify requirements which were not self-explanatory and to integrate accounting doctrines or market practices in the Accounting Law.
