In Luxembourg, a single company may have to present its accounts under two different frameworks: Lux GAAP, the national accounting framework, and IFRS, the international standards widely used in inter...

IFRS 9 has profoundly changed the way companies account for credit risk. Where the former standard, IAS 39, waited for a loss to be incurred before recognising it, IFRS 9 requires anticipation: as soo...