ARTICLE
18 November 2024

Increase Of Accounting Thresholds

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ELVINGER HOSS PRUSSEN, société anonyme

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The Luxembourg government has adopted the Grand-Ducal Regulation of 25 October 2024 updating the accounting size criteria for Luxembourg companies.
Luxembourg Accounting and Audit

The Luxembourg government has adopted the Grand-Ducal Regulation of 25 October 2024 updating the accounting size criteria for Luxembourg companies.

Why?

This update has been decided at a European level by the adoption of the Commission Delegated Directive (EU) 2023/2775 of 17 October 2023. It aims to reflect the inflation rates from the past two years.

What is changing?

The criteria for balance sheet and net turnover have been increased as follows:

Balance Sheet Total Net Turnover
Small undertakings

4,400,000 EUR

7,500,000 EUR

8,800,000 EUR

15,000,000 EUR

Medium-size undertakings/groups

20,000,000 EUR

25,000,000 EUR

40,000,000 EUR

50,000,000 EUR

This update will allow certain companies to move from a higher to a lower category and to benefit, among other consequences, from the ability to establish abridged balance sheet, abridged profit and lossstatement and/or abridged annex and/or an exemption to prepare a management report and/or consolidated accounts.

When?

These new thresholds are applicable to the financial year starting on 1 January 2023.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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