You have recently started working at ACCT450 Partners, an accounting firm that provides services to multinational companies. Recently, Granite Ledge Inc. acquired its first subsidiary located in another country and they are unsure of the steps they need to perform when preparing consolidated financial statements with the new subsidiary.

Required

Prepare a memo to Granite Ledge management that provides guidance on how to perform consolidations with a foreign subsidiary. Include relevant discussion about any accounting standards or methods that can be used.