Authoritative-principles

Mastering the art of consolidated financial statements

Uniform accounting principles and policies
ifrs gaap accounting-principles consolidated-financial-statements authoritative-principles revaluation-model cost-model deferred-tax
Subsidiaries may use local GAAP, but must adjust to IFRS/US GAAP for consolidated financial statements. IFRS/US GAAP require uniform accounting policies, adjustments to subsidiary statements to ensure conformity. This may result in deferred tax recognition due to temporary differences.
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