Three sets of financial statements usually are required from subsidiaries; they do not include:
A)Statements prepared in response to investigations and queries from the SEC
B)Statements prepared to meet the national accounting standards and procedures prescribed by law and other professional organizations in the host country
C)Statements prepared to comply with the accounting principles and standards required by the home country
D)Statements prepared to meet the financial consolidation requirements of the home country

Question

Quizplus · Accepted Answer

Three sets of financial statements usually are required from subsidiaries: (1) statements prepared to meet the national accounting standards and procedures prescribed by law and other professional organizations in the host country; (2) statements prepared to comply with the accounting principles and standards required by the home country; and (3) statements prepared to meet the financial consolidation requirements of the home country.

Three Sets of Financial Statements Usually Are Required from Subsidiaries;