How to migrate your Luxembourg accounting plan according to the new PCN 2020


The Luxembourg Government introduced a new standardized chart of accounts (known as PCN 2020) in the Grand-Ducal Regulation dated September 12, 2019.

PCN 2020 is a revision of PCN 2009 to match the current needs of both companies and the public sector.

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What has changed under PCN 2020?

PCN 2020 is a logical continuation of the 2009 version. However, the nomenclature has been revised as follows:>/p>

Some accounts have been:

    ● Added e.g. “211 development costs” has been created;

        ● It means new accounts creation

    ● Deleted e.g. “1821 Provision for corporate income tax” has been deleted;

        ●It means accounts depreciation (or deletion if never used).

    ● Split e.g. “61332 commission and loans’ issuance expenses” has been split into “61332 loans’ issuance expense” and “61338 other banking and similar services”

        ●It means new accounts creation and renaming of existing accounts

    ● Merged e.g. “303 inventories of consumable materials and supplies” combines “302 consumable materials” and “303 consumable supplies”

        ●It means renaming/deprecation of existing accounts (or deletion if never used)

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