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Can a foreign company having Financial Statement in a foreign Currency Present its report in Local Currency -AED representing its Local Unit?.

Accounting
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Question added by MUHAMMED ANWAR , Financial Controller , ACS Coating Services –(Engineering
Date Posted: 2013/05/02
Upvote (0) Views (9) Followers (0) Answers (3) Report Question
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Mohammad Ashfaq
by Mohammad Ashfaq , Financial Controller , Union COOP

Sure, if assumed so.
However, the financial reporting framework/standards under which the financial statements are prepared should be considered for whether it is acceptable to local authorities.

Mohammed Salim Allana
by Mohammed Salim Allana , Compliance and Assurance Manager , United Arab Bank

Yes, it is all depend upon the local UAE regulatory instructions, all reporting should be in AED.

The company can have two or three sets of internal management accounts in different currencies with different scenario.

Asad Ullah masood
by Asad Ullah masood , Senior Accountant , GLOBAL BUSINESS INTERNATIONAL

Yes, If the Company is Using any STANDARD ACCOUNTING SOFTWARE, which have the Application of exchange rate for currency,

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