Would any of you be able to point me in the direction of some good resources or training materials based around producing consolidated group accounts where the subsidiary and parent company have different base currencies?
Scenario is that USINC is a 100% subsidiary of UKLTD with the USINC accounts produced in USD and the UKLTD accounts in GBP. Three main areas that I am interested in:
1) Eliminating intra-group transactions (in this case, it is just sale of goods from UKLTD to USINC)
2) Currency conversions from USD to GBP- what exchange rates to use and when
3) Unrealised profits
Just something I am having a bit of a look into before we take any leap into trading in the US, would be good to have a solid understanding of how the reporting works at an early stage.