The accounting issue has been on the agenda for the worst reasons: the crisis in financial markets. Political control of the Accounting Standards is a major feature on Continental Accounting System, using the Directives as political instruments to create the free movement of capital on Community Market pursuing the Rome Treaty aims.In the 70’s and 80’s of the twentieth century, Directives characterized the initial convergence of accounting in Europe. The reflection period of 90´s on the impact of the Directives on new global market challenges, clarified the changes needs in the Continental Accounting System to make it compatible with the market globalization and new technologies.The adoption of International Accounting Standards (IAS) was the chosen path, using the comitology process.The Regulation (CE) nº 1606/2002 appears as the juridical instrument for direct and immediate IAS application on consolidated accounts of listed companies, enable them to achieve financial resources on European and Global capital markets.This dissertation is about the application of that regulation in Luxembourg, a country where accounting is based on European directives. Traditionally flexible with respect to issues related to Accounting, Luxembourg has been chosen to leave his decision to the deadline both in the transposition of directives or the adoption of the IAS Regulation. In order to facilitate the work of the accounting profession and to please investors from countries as diverse economic, political, cultural and social as the United States, Britain, France, Switzerland or Japan, Luxembourg always takes all options allowed by the Directives and by the Regulation 1606/2002.Keywords: IAS, IFRS, LUX GAAP, Luxemburg, Regulation (EC) nº 1606/2002. ; A temática contabilística tem estado na ordem do dia pelas piores razões: a crise dos mercados financeiros. O controlo político da Normalização Contabilística é uma das principais características do Sistema Contabilístico Continental, podendo afirmar-se que as Diretivas foram um dos ...