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Unformatted text preview: iew – Step two of two
Step The second step involves restating the foreign GAAP
The amounts to U.S. GAAP amounts.
amounts This process is made easier when the company files a
This Form 20-F.
Form Sometimes, companies will present a similar
Sometimes, reconciliation without actually filing the Form 20-F.
reconciliation In any case, notes to the financial statements are
In very useful in completing this step.
very Restating Foreign Financial Statements to Restating Foreign Financial Statements to U.S. GAAP
Step one mechanics – Reformatting
Reformatting Begin with a four column worksheet in U.S. GAAP
format. Columns are Local GAAP, debits, credits, and U.S.
GAAP. Amounts are presented in the original currency.
Amounts Prepare worksheets for income statement,
Prepare statement of retained earnings, and balance sheet.
statement Line items in the worksheet are presented in the
Line Restating Foreign Financial Statements to Restating Foreign Financial Statements to U.S. GAAP
Step two mechanics – Reformatting
Reformatting The work in this step affects the debit a...
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This note was uploaded on 02/20/2014 for the course ACCTG 5140 taught by Professor Marleneplumlee during the Summer '13 term at Utah.
- Summer '13