S gaap begin format format columns are local gaap

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Unformatted text preview: iew – Step two of two Restatement 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 Step Reformatting Begin with a four column worksheet in U.S. GAAP Begin format. format. Columns are Local GAAP, debits, credits, and U.S. Columns GAAP. 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 Step Reformatting The work in this step affects the debit a...
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