Local GAAP or Global GAAP?
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?
Subsidary will follow local GAAP, and do the adjustment for global GAAP reporting at the end of each period.
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!