Question
Your client is a small International group of companies that files under US GAAP. On examining the financial statements of its main foreign subsidiary, you
Your client is a small International group of companies that files under US GAAP. On examining the financial statements of its main foreign subsidiary, you notice that its accounts are prepared under IFRS. Which appears should take you in this situation.?
A-There is little cause for concern, because IFRS is generally more consecutive then US GAAP
b-You should research IFRS for key account areas, compare to US GAAP, and consider their potential impact
c-you should request disclosure to align with the requirements of US GAAP.
d-you should ask you're customer to provide an alternative set of financial statements based on US GAAP for the subsidiary
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started