PwC s Academy. Accounting Training Programme. Training makes the difference! Technical courses. Soft Skills courses. Facilities.

Transcription

1 PwC s Academy Training makes the difference! Accounting Training Programme Technical Soft Skills Facilities Training Advisory

2 General Courses Fundamentals of the Luxembourg Accounting 1. The accounting language: the annual accounts 2. The major accounting policies/conventions 3. The basis of accounting entries 4. The closing accounting entries 5. The filing of the annual accounts Duration: 0.5 day Accounting for non specialists 1. The objective of accounting 2. Balance sheet and profit and loss accounts: their meaning 3. The major accounting policies/conventions 4. Some essential accounting rules: debt or equity, fixed or current asset, balance sheet or off balance sheet items, etc. 5. The preparation of the annual accounts and the new electronic filing procedure 6. Fundamental notions of financial analysis Duration: 0.5 day Facilitate the Preparation and Filing of your ecdf Forms 1. Latest news with regards to the electronic filing of the accounting package 2. Automating the preparation of your annual accounts with the e-accounts software 3. Improving your process of electronic filing Duration: 2 hours

3 Accounting Training Programme Practical Aspects of the Standard Chart of Accounts and of the Electronic Filing of the Accounting Package 1. The Standard Chart of Accounts on a day to day basis 2. Electronic filing of the accounting package: the essentials Duration: 2 hours Consolidation Step by Step 1. Luxembourg legal and regulatory framework - Luxembourg regulatory framework and IFRS - Exemptions and exclusions - Content and closing date of the financial statements 2. Determination of consolidation - General Principles - Subsidiaries, joint ventures and associated companies - Determination of the percentage of control - Special treatment of special purpose entities 3. Basis of consolidation - General Principles - Fully consolidated subsidiaries - Proportional consolidation of joint ventures - Equity Associates - Determination of percentage interest 4. Operations prior to consolidation - Standardisation of accounting principles and policies - Standardisation of closing dates - Identification and recognition of deferred taxes - Entities abroad and issue of foreign currency 5. Stages of consolidation - Elimination of balances and transactions within a company - Treatment of own shares - Treatment of changes in scope of consolidation (acquisitions and disposals) 6. Presentation and content of financial statements - Luxembourg accounting principles - IFRS in the specific context of the preparation of consolidated financial statements Duration: 1.5 day Technical Soft Skills Facilities Training advisory

4 Industry specific trainings Bookkeeping for holding companies in Luxembourg 1. The regulatory framework 2. The accounting treatment of financing and investment instruments 3. The accounting treatment for certain specific transactions - Accounts in foreign currency, re-invoicing, fair value option, etc.. 4. The financial information requirements Duration: 0.5 day Accounting for Private Equity 1. Lux GAAP framework and compliance requirements 2. The accounting treatment of: - Financing Instruments - Guarantees, commitments, bank covenants - Specific transactions (contribution in kind, merger, liquidation, etc.) Duration: 1 day Accounting for Real Estate Funds and Propcos in Luxembourg 1. Lux GAAP - Consolidated and statutory annual accounts requirements and methodologies - Examination of specific treatments of real estate accounts including revenue recognition, developments costs, acquisition costs, «dead-deal» costs, etc. - Frequently encountered issues 2. IFRS - Presentation of financial statements for Real Estate Structures - Recognition and measurement of Investment Properties (including properties under construction) - Current and deferred taxation - Consolidation - Revenue recognition - Debt vs. equity classification (issued capital of the Real Estate Structure) - Trading NAV vs. IFRS NAV - Current developments - Overview of main differences between Luxembourg GAAP and IFRS Duration: 1 day

5 Accounting Training Programme Stay up-to-date The future of the Accounting Law: the draft bill 6718 applicable as from The Accounting Directive 2013/34/UE and the modification of our Accounting Law 2. The upcoming forecasted changes 3. The draft Grand Ducal Regulation for the new balance sheet and profit and loss account Duration: 2 hours What do our clients say about our trainings: In depth knowledge of Lux GAAP Good knowledge of the subject from the trainers Possibility to discuss the changes as well as the basic knowledge. Overall really good - time was spent investigating any queries that we had. A good link between the law and best practice. Good examples/ illustrations given Good presentation and well presented! Very clear conclusions and points to take from course. This training is interactive and gives a lot of examples Technical Soft Skills Facilities Training advisory

6 Informations Open This poster summarizes our current training offering on accounting related topics. Many of these are available as public training sessions. Please refer to our annual Calendar of Open Courses and our website www. pwcacademy.lu Dedicated sessions In addition, we will be delighted to organise dedicated training sessions for you, tailoring the programme according to your needs as appropriate. These sessions can be delivered in English or French. We train your people in Luxembourg or any other country. Training rooms Whether you are attending workshops with PwC s Academy s own trainers or whether you have chosen your own, we are pleased to offer you the following services: fully-equipped training rooms in a stimulating environment comfortable and trendy rooms for meetings and seminars a confidential meeting area rooms for board meetings and general assemblies. The following trainings can be organised as dedicated sessions: Accounting and Tax Aspects of Voluntary Liquidations Liquidation consists of the voluntarily wind-up of the affairs of the company whereby all the assets of the company are sold and the proceeds paid to the creditors. In some instances, remaining assets and liabilities are transferred to the shareholders. Although only the «normal» liquidation is foreseen by the Commercial Company Law, there are basically two types of liquidations, the normal liquidation and simplified liquidation. The Accounting Law is silent on the accounting treatment of the liquidation or the accounting obligations arising from the liquidation. Thus many questions may arise. This training will describe the accounting regulations as well as the different options available.

7 Accounting Training Programme Accounting and Tax Aspects of mergers Merger can be defined as the operation whereby one or more companies, transfer to another pre-existing or new company, all their assets and liabilities in exchange of shares or corporate units of the acquiring company. Although section XIV of the Commercial Company Law provides a set of legal rules concerning the mergers, the Accounting Law does not provide with the accounting treatment applicable to merger operations. Therefore, booking a merger can be complex and raise certain questions such as: Do I record all elements part of the merger at their book value or at their fair value? Will a merger surplus/loss impact the profit and loss account or the equity? What about a possible accounting retroactive effect? Accounting and Tax Aspects of the New Fair Value Option Since the Law of 10 December 2010, companies have the opportunity to value some financial instruments by reference to their fair value. The Law of 30 July 2013 has clarified certain provisions of the Law of 10 December 2010, in particular with regard to the recognition of deferred tax liabilities and the possible use of the unrealised gains. However, this option is still quite recent and is not without raising questions regarding its application and the scope of the various related provisions. Therefore, using the FV option can be complex and raisse questions such as: May I measure this specific financial instrument by reference to its fair value? Which method will I use for the fair value calculation? What are the tax consequences? Technical Soft Skills Facilities Training advisory

8 For further information concerning accounting topics Accounting Training Programme To provide you with practical guidance on the layout of your annual accounts and on the required disclosures for small, medium-sized and large Luxembourg entities, the third edition of the Handbook for the preparation of annual accounts under the Luxembourg accounting framework has been released. This new edition takes into account all amendments and clarifications made to the Accounting Law of 19 December 2002 and to the Commercial Law of 10 August 1915 and will help you better understand the requirements for the preparation of financial statements under Luxembourg accounting principles. The handbook also features practical considerations and examples including a template management report, an overview of consolidation and filing requirements and CNC recommendations. PwC Luxembourg ( is the largest professional services firm in Luxembourg with more than 2,450 people employed from 55 different countries. It provides audit, tax and advisory services including management consulting, transaction, financing and regulatory advice to a wide variety of clients from local and middle market entrepreneurs to large multinational companies operating from Luxembourg and the Greater Region. It helps its clients create value they are looking for by giving comfort to the capital markets and providing advice through an industry focused approach. Our people working alongside you Véronique Tinel veronique.tinel@lu.pwc.com Partner responsible of the technical accounting group PwC Luxembourg Damien Brunet damien.brunet@lu.pwc.com Manager, technical accounting group PwC Luxembourg PwC Academy S.à r.l. 2 rue G. Mercator B.P L-1014 Luxembourg T F pwcacademy@lu.pwc.com PwC is the brand under which member firms of PricewaterhouseCoopers International Limited (PwCIL) cooperate and provide services. Together, these firms form the PwC network. Each firm in the network is a separate legal entity and does not act as agent of PwCIL or any other member firm. PwCIL does not provide any services to clients. PwCIL is not responsible or liable for the acts or omissions of any of its member firms nor can it control the exercise of their professional judgment or bind them in any way PricewaterhouseCoopers Academy S.à r.l.. All rights reserved. PwC refers to PricewaterhouseCoopers Société coopérative, which is a member firm of PricewaterhouseCoopers International Limited, each of which is a separate and independent legal entity.