The Luxembourg Accounting Standards Board (Commission des normes comptables, CNC) is the Grand Duchy’s national accounting standard setter, helping to interpret the country’s accounting law and providing guidance on Lux GAAP.
Yvan Thommes, who has chaired the CNC’s Management Board since 23 March 2026 for a four-year term, spoke to Paperjam about how the organisation works, its role in Luxembourg’s accounting landscape and the challenges facing corporate reporting.
Kangkan Halder: What is the CNC and what role does it play in Luxembourg?
Yvan Thommes: The CNC is what is known internationally as a national standard setter. Its main role is to contribute to accounting guidance at national level, in particular on Lux GAAP, or Luxembourg generally accepted accounting principles.
Its work is aimed at the Luxembourg accounting community as a whole, including preparers, auditors and users of financial information. It is not meant to answer individual questions from specific stakeholders, which should be addressed by accounting, auditing or legal professionals.
The CNC mainly carries out its mission by publishing general opinions and recommendations in the form of Q&As, which are publicly available on its website.
It also advises the government on accounting matters, including possible changes to accounting legislation, and participates in European and international accounting debates, for example through the work of EFRAG, the technical adviser of the European Commission for financial reporting and sustainability reporting.
How is the CNC organised and what does it do in practice on a day-to-day basis?
The CNC’s technical work is mainly carried out through four working groups, made up of experts from the public and private sectors who dedicate part of their time to the organisation. Their work is then reviewed, validated and approved by the Management Board.
The Management Board brings together representatives from across Luxembourg’s public and private accounting ecosystem. It includes from the Ministry of Justice, Robert Blasius from the Direct Tax Administration (ACD), Dominique Da Costa from the Registration Duties, Estates and VAT Authority (AED), Lucia Gargano from the National Institute of Statistics and Economic Studies (Statec), from the insurance regulator (CAA) and Ana Bela Ferreira from the Luxembourg Financial Sector Supervisory Commission (CSSF).
It also includes Anne-Sophie Theissen and Christophe Stein from the Chamber of Commerce, Christelle Bousser from the Luxembourg Professional association for statutory auditors (IRE), Stéphane Schirrecker from the Luxembourg Order of Chartered Accountants (OEC), as an independent member appointed for his expertise and contribution to accounting, and myself, representing the Central Bank of Luxembourg (BCL).
On a daily basis, the Management Board is assisted by Olivia Collette, secretary of the board, while the technical work of the working groups is coordinated by David Burbi, CNC technical director.
Overall, the CNC holds around 30 to 35 meetings each year and relies on the contribution of close to 40 experts.
How does the CNC fit into Luxembourg’s wider financial and business landscape?
It is important to be clear about what the CNC is, and what it is not. The CNC is not a lawmaker, a regulator or an enforcement authority.
It is, in simple terms, a public-private partnership that aims to provide legal certainty by interpreting the general provisions of accounting law. Luxembourg’s accounting legislation comes from the implementation of EU directives, which are, to some extent, minimum-harmonisation directives. That means the law can contain gaps, and those gaps sometimes need to be filled. This is precisely the role of CNC guidance.
Over the past decade, how has the CNC’s role evolved?
Before the CNC was reformed as a public-private partnership in 2013, there was more limited demand for general accounting guidance.
From 1984, when Luxembourg adopted its first national accounting law on annual statutory accounts, until 2006 and 2007, when the “old” CNC was created, Luxembourg did not have a national accounting standard setter. Stakeholders therefore had to find their own ways to address gaps in Lux GAAP, often by referring to foreign guidance from countries such as Belgium, France or Germany, or to international accounting standards such as IAS and IFRS.
When the CNC was created, there was initially some concern that flexibility would be reduced. It took time for the organisation to find its place. Today, 10 to 15 years later, its usefulness is widely recognised by stakeholders.
Looking back, what do you see as the CNC’s main achievements in recent years?
I would not point to one specific project or one specific Q&A. For me, the CNC’s most significant achievement over the past 10 to 15 years has been its ability to build compromise between its members and experts.
That is essential because the CNC brings together representatives from both the public and private sectors. Without this spirit of compromise, the organisation would not be able to carry out its mission. This consensus-based approach has become part of the CNC’s DNA.
What are the main challenges the organisation is dealing with today?
The main challenge is to remain relevant. That means issuing accounting guidance when it is needed, rather than systematically.
Flexibility should be preserved whenever possible, unless it creates issues or risks for the economy, specific industries or particular stakeholders. At the same time, flexibility does not mean unfounded permissiveness. The CNC must provide guidance that complies with the law and with recognised practices.
The challenge is to find the right balance. That is why a well-coordinated public-private partnership is important. Another challenge is to provide timely and relevant guidance in a fast-changing regulatory environment.
More broadly, what are the biggest accounting or reporting issues currently affecting the Luxembourg market?
One of the biggest issues today is not strictly accounting in the traditional sense, but the broader evolution of corporate reporting.
Corporate reporting now has two main pillars: financial reporting on one side and sustainability reporting, covering environmental, social and governance matters, on the other. Users increasingly expect these two areas to be connected, and that will continue to affect how financial reporting is prepared and published.
Digitalisation is another major issue. With the development of artificial intelligence, it is becoming essential for corporate reporting to be available in machine-readable formats, so that information can be processed and analysed automatically.
Where do you think companies in Luxembourg most need guidance or greater clarity at the moment?
The focus today is probably more on sustainability reporting than on financial reporting.
Now that the Omnibus I package, which simplifies the Corporate Sustainability Reporting Directive among other things, has been adopted, it is important to finalise the Luxembourg legislative procedure linked to draft bill 8370, which implements the CSRD in Luxembourg law. This should bring much-needed clarity and legal certainty.
There are still many questions around sustainability reporting in Luxembourg. These include which undertakings should prepare and publish sustainability reporting as part of their management report or consolidated management report, and which standards should apply.
Those standards are the European Sustainability Reporting Standards, or ESRS. They are developed by EFRAG, of which the CNC is a member organisation, and then adopted by the European Commission. The ESRS have also been simplified.
Looking ahead, what do you see as the next major areas of focus for the CNC?
The year 2026, or at the latest 2027, should be marked by a major overhaul of Luxembourg accounting law, once draft bill 8286 is adopted by parliament. Prime Minister referred to the overhaul of Luxembourg accounting law as a government objective in his State of the Nation address on 19 May 2026.
Once draft bill 8286 is adopted, there will most likely be a need for guidance on how to implement some of the new provisions. The CNC will probably focus on those areas, although it is difficult at this stage to know which provisions will raise the most questions.
You have recently taken on the presidency. What are your first priorities?
My first priority is to continue the consensus-based approach that has guided the CNC’s work. It is important because it allows the CNC to publish guidance that reflects the combined views of its members and experts from both the public and private sectors.
I would also like the CNC to engage more directly with Luxembourg’s accounting community. Until now, this has mainly been done through professional organisations such as the Chamber of Commerce, the IRE and the OEC.
In the future, while continuing to consult those organisations, I would like the CNC to be able to interact directly with the accounting community on an ad hoc basis. Our new website already includes a public consultation feature, although it has not yet been used. We also plan to add further functionality so communication can work both ways, from the CNC to the public and from stakeholders to the CNC.
Given Luxembourg’s role as an international financial centre, I also believe it is time to develop an English version of the CNC website and of CNC accounting guidance. The translation of the Q&As is progressing and should hopefully be ready for final review by the end of summer 2026.
How do you see the broader outlook for accounting and corporate reporting in Luxembourg?
I expect artificial intelligence to redefine accounting and auditing in the coming years.
Routine accounting and auditing work is likely to decline significantly. At some point, bookkeeping may become fully automated, and the same may apply to basic audit testing.
That does not mean human beings will disappear from the process. On the contrary, I remain convinced that people will stay at the centre of accounting and auditing, but their role will evolve towards more judgement-driven work. For junior and entry-level positions, this may be a real challenge.
Finally, what message would you like to send to Luxembourg’s business community about the CNC and its role?
The first message is that Luxembourg does have a national accounting standard setter, and that body is the CNC.
The second is that the CNC’s role is not to provide individual answers to specific questions. Those questions should be dealt with by accounting, auditing or legal professionals.
The CNC is at the service of the business community in general and the accounting community in particular, including preparers, auditors and users of financial information. Its role is to address general questions where a national answer is needed.
The CNC can be contacted by or through the contact form on its website. Stakeholders are encouraged to participate in the CNC’s due process.