Local GAAP or Global GAAP?

[former_member200271]

Hello everybody:

For a global company, normally different GAAP should be applied to different locations. My question is:

During the daily accounting transaction, should the subsidary follow the local GAAP or the global GAAP?

Option 1:

Subsidary will follow local GAAP, and do the adjustment for global GAAP reporting at the end of each period.

Option 2:

Subsidary will follow global GAAP, and do the adjustment for local GAAP reporting at the end of each period.

Normally what is the best practise? Please advice!

Andy

[former_member200271]

Nobody has answered my question for so long time.

But I would like to share with you my final result. We adopt solution 1 in my first message. And it seems it's working good.

Andy

[former_member200271]

Can anyone help me on this?

Any helpful input will be awarded points for sure!

Andy