Professional qualifications leading to recognition as a qualified auditor (Réviseur d'Entreprises Agréé) are different, although they have exams in common with the OEC degree.
[8] The Law also defines the accounting framework applicable under Lux GAAP, especially the principles relevant to the preparation of financial statements, especially the prudence principle under which unrealised gains are not recognised except where fair value is applicable, in stark contrast to rules under International Financial Reporting Standards (IFRS).
Lawmakers in Luxembourg are especially keen on using doctrine from neighbouring France and Belgium whenever legal and regulatory requirements are unclear.
For instance, research and development costs used not to have clear recognition principles, but it has been admitted that the usual criteria under IAS 38 could be used as guidelines for recognising intangible assets under Lux GAAP as well.
Annual accounts presented under Lux GAAP must be filed with the Luxembourg Trade Register, also known as Registre du Commerce et des Sociétés (RCS), usually 7 months after year-end.
[11] Annual accounts presented under Lux GAAP must consist of at least a balance sheet, statement of profit and loss, and notes.
Disclosures depend on three criteria according to which companies are classified as either "big", "medium" or "small", i.e. net turnover, balance sheet total and number of full-time employees.
[14] It applies mostly to commercial companies, and explicitly excludes entities which are supervised by the two main Luxembourg regulators, the Commission de Supervision du Secteur Financier (CSSF) and the Commissariat aux Assurances (CAA), which are chiefly responsible for overseeing investment funds, banks, insurance companies and similar entities.