Financial Reporting: US GAAP versus Local Statutory Requirements

Does anyone have a suggestion on how we solve the following requirement:

EMEA Division is required to make some GL adjustments for local reporting requirements but these are not recognized by US GAAP. They would like to record these entries in P14 and not have them be included in Group Consolidation to the Parent Company.

P13 is currently used for year end transactions so using P14 would be able to keep these transactions separate in a Trial Balance but P13 could also be used if there is an alternative filtering capability for GLS215

I know it is possible to set up a Year End GL journal but this would default to the last period of the year + 1

Any suggestions would be welcome

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elisabetta-venezia

it depends on the country. Italian market as a very good solution that we adopted in 2014 and still works fine

in Germany I use extra accounts that are outside the normal chart of account.. i add DE before the US Gaap account and then I group them in RGS600 or excel reports

Terje Fageras

When I worked as a controller we did all IFRS adjustments in a separate division and consolidated this division into the IFRS statutory consolidated statements only. That would be reversal local adjustments not to be taken into consideration in IFRS and adjustments according to IFRS only.

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