Regulatory Alerts2020-12-08
Added · Updated
Repeal of the ad hoc report by the approved statutory auditor for reconciliation between LUX GAAP and FINREP
The CSSF repeals the requirement for the approved statutory auditor to issue an ad hoc report assessing the reconciliation between accounts published under LUX GAAP (or LUX GAAP with IAS options) and the final FINREP version. As of the financial year ending 31 December 2020, institutions must continue to submit a reconciliation including figures and narratives, but this reconciliation is no longer subject to assessment by the statutory auditor. This decision amends Circular CSSF 08/340 by deleting the provision mandating the statutory auditor's ad hoc report for the legal publication of accounts.
CIRCULAR CSSF 20/760 1/3 Circular CSSF 20/760 REPEAL OF THE AD HOC REPORT TO BE ISSUED BY THE RÉVISEUR D’ENTREPRISES AGRÉÉ (APPROVED STATUTORY AUDITOR) FOR THE RECONCILIATION BETWEEN THE ACCOUNTS PUBLISHED UNDER LUX GAAP OR LUX GAAP WITH “IAS OPTIONS” AND THE FINAL FINREP VERSION
CIRCULAR CSSF 20/760 2/3 Circular CSSF 20/760 Re: Repeal of the ad hoc report to be issued by the réviseur d’entreprises agréé (approved statutory auditor) for the reconciliation between the accounts published under LUX GAAP or LUX GAAP with “IAS options” and the final FINREP version Ladies and Gentlemen,
- The purpose of this circular is to inform that the CSSF has decided to repeal the ad hoc report by which the réviseur d’entreprises agréé (approved statutory auditor) describes and assesses the reconciliation between the accounts published under LUX GAAP or LUX GAAP with “IAS options” and the final FINREP version under IAS/IFRS. As from the financial year ending 31 December 2020, the institutions publishing their accounts under LUX GAAP or LUX GAAP with “IAS options” shall continue to submit a reconciliation between the annual accounts and the FINREP reporting including figures and narratives, without this reconciliation being assessed by the réviseur d’entreprises agréé.
- This circular amends Circular CSSF 08/340 on the legal publication of accounts by deleting the following provision set out in the fifth subparagraph of sub-chapter II.1 (page 14/22): “The reconciliation must be described and assessed by the statutory auditor in an ad hoc report to be submitted to the CSSF jointly with the documents relating to the legal publication of accounts.” Yours faithfully, Claude WAMPACH Director Marco ZWICK Director Jean-Pierre FABER Director Françoise KAUTHEN Director Claude MARX Director General Luxembourg, 8 December 2020 To all Luxembourg law credit institutions
CIRCULAR CSSF 20/760 3 / 3 Commission de Surveillance du Secteur Financier 283, route d’Arlon L-2991 Luxembourg (+352) 26 25 1
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