A subsidiary company, in a highly regulated country, where there is a legal requirement to produce fiscal reports under local GAAP, is about to configure their General Ledger.
Given the following:
Subledgers transferring to general ledger must use the local currency.
There is a requirement to report to the parent company (not local currency) using International Financial Reporting Standards (IFRS).
Which two ledger types should be configured to address this reporting requirement? (Choose two.)
A. a primary ledger with the local accounting convention
B. a reporting currency with the IFRS accounting convention
C. a primary ledger with the IFRS accounting convention
D. a secondary ledger with the IFRS accounting convention
E. a reporting currency with the local accounting convention
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I’d suggest A&D.
For local req. you need GAAP and loc currency –> Primary ledger
But you need different different currency AND IFRS, that is why you can’t only use reporting currency it should be secondary
I think…
Yes – The answer is AD