ledger and their accounting principles

[Former Member]

Hi,

I have company ..ABC Ltd., head-quartered in London having presence in all 18 countries all across the globe, having 30 legal entities. ABC ltd., has to submit the consolidated balance sheet of all the 30 legal entities as per the UK legal laws. This ABC ltd., is a wholly owned subsidiary of an Indian company. This Indian company is NASDAQ listed company.

1. What would be the accounting principle of leading ledger in this scenario?

2. How many non leading ledgers we need to open based on the accounting principles?

3. How many depreciation areas we need to set up? Pls elaborately explain me on the asset accounting set up?

Thanks

Anil

[Former Member · Accepted solution]

what are your accountants and auditors saying? technical configuration and system changes should be done by different teams.

[Former Member · Accepted solution]

Hi,

I am an FICO consultant. The accounting team says in SAP all the accounting principles should be addressed to.

In the above scenario what should be stand point which I should take, to address the issue.

Thanks

Anil

[Former Member · Accepted solution]

NASDAQ requires US GAAP and London requires IFRS, don't know about India, so I would start with US GAAP as leading ledger and have at least one more for IFRS, depreciation areas should follow ledgers.

This is not a legal or accounting opinion and should not be construed as such, but only a system configuration approach.