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What if GAAP and IFRS reporting are used in subsidaries at different locations, what reporting standard will the head office follow in consolidation?

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تم إضافة السؤال من قبل Sanawar Rao , Manager Finance , Ghassan Aboud Group
تاريخ النشر: 2013/11/12
Ahmad Al Zoubi CMA CertIFR
من قبل Ahmad Al Zoubi CMA CertIFR , Accounting Manager , Abdul Latif Jameel

It depends on the country which  the head office located

Sanawar  Rao
من قبل Sanawar Rao , Manager Finance , Ghassan Aboud Group

dear respectables,

as an example i will quote financial statement of BMW there they have presented segment reporting where part of the segment was dealt with ifrs and at HO with german local accountancy law, the adjustments in these scenario may fluctuate their curreny and profitablilty differences.

do correct or answer? 

Mohammed Salim Allana
من قبل Mohammed Salim Allana , Compliance and Assurance Manager , United Arab Bank

It is the job of the Head office to instruct all its branches and subsidaries to follow a Standard method of accounting process to ensure they all use common modules which would make consolidation easy for head office.

 

In the above case; the head office is to identify the gaps in the accounting practise and pass the necessary adjustments to reconcile the balance sheet and P&L for accurate consolidation.  

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