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New GL - Accounting Principles


We are setting up New GL and wondering whats the purpose of defining Accounting Principles.

We understand the concept of ledgers, we have defined one leading ( IFRS) and one local ledger ( supporting the local requirements of the countries) but whats the added value of linking a ledger to an Accounting Principle, is this just for information purposes or is this object been used in other areas?

Many thanks

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