International Accounting Standards
In the absence of any specific national rules, nothing may be said
so far as to an option right or an obligation to companies to also
apply IAS rules to their separate annual accounts, to any time limit
within which the rules have to be implemented or to any transition
period from US-GAAP accounting to IAS accounting.
It has to be noted however that in any event and in consideration of
present Luxembourg accounting law, companies applying IAS rules
would have to draw up separate financial statements for the purpose
of the assessment of distributions or overindebtness. The same
would be true for tax purposes, where separate accounts would also
be required.
