Under the guidance of the European accounting directive, Luxembourg is overhauling its accounting laws in a major way. The effort aims to modernize and align with current market practices, reflecting Luxembourg’s business profile. The changes also include additional requirements for SCSp partnership vehicles, commonly used for funds, and firms with over 500 million euros on their balance sheets. It’s a daring move toward increased transparency and compliance, showing Luxembourg’s determination to maintain its status as a leading financial center.
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