International Accounting Standards
Due to the very specific spectrum of international corporations in
Luxembourg, the only body which would have to presently deal with
IAS regulation would be the Luxembourg Stock Exchange when analysing
and appraising prospectus information. No specific IAS statement has
however been released so far by the Stock Exchange.
Description of the IAS regulatory framework in Luxembourg law: The
national legislator did not take any action, as of today, in order
to implement the EU regulation into Luxembourg law.
It is however known that the Ministry of Justice has created, at the
beginning of 2004, a working group the task of which is to seek ways
and means to integrate EU regulation into national law. The IRE (Institut
des Réviseurs d’Entreprises - Board of Independent Auditors) is an
important member of this working group and has already rendered a
series of opinions to the legislator as well as to the Tax
Authority.
