“Currently, the EU has adopted all IFRSs, though one aspect of IAS 39
was modified. The modification affects only a small percentage of EU
banks following IFRSs. Also, EU and EEA member states are permitted to
defer the application of IFRSs until 2007 for (a) companies that only
have debt securities listed in a public securities market and/or (b)
companies whose securities are admitted to public trading in a
non-member state and that, for that purpose, have been using
internationally accepted standards other than IFRSs (such as US GAAP)
since a financial year that started prior to adoption of the European
IAS regulation. Click for Latest Information on which of the EU and
EEA members will use this option”

For additional information click these links:

http://www.iasplus.com/europe/0501ias-use-of-options.pdf
http://www.iasplus.com/country/luxembou.htm

Hope this information could help you out!
Regards,

Rodrigo