When a U.S.-based organization prepares financial statements which are for use in another country,a U.S.report,modified to reflect the accounting principles of the other country,may be issued.

Question

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It is common for financial statements prepared by a U.S.-based organization to be modified to reflect the accounting principles of another country when they are intended for use in that country. This modified report is known as an adjusted report or an international report. It may contain additional disclosures or adjustments to conform to the local accounting standards, but it is still based on the U.S. financial statements.

When a US-Based Organization Prepares Financial Statements Which Are for Use in Use