Is anyone able to guide me on the steps a U.K. Parent reporting under UK FRS would take to consolidate a U.S. subsidary that reports under US GAAP.
How do multinational groups typically consolidate individual entities that report under different accounting standards?
Do they in practice all report under the Parent Company's home accounting standards?
I am curious to understand this as I would have thought that due to the differences in different recognition criteria under for example US GAAP and UK FRS this might lead to incorrect or unallowable standards under different criterias.
Thanks in advance!