To reconcile accounting statements, MNCs usually require ________ different sets of financial statements from subsidiaries.
A)two
B)three
C)five
D)seven

Question

Quizplus · Accepted Answer

MNCs usually require three different sets of financial statements from subsidiaries. These include the subsidiary's financial statements prepared in accordance with local accounting standards, consolidated financial statements prepared in accordance with international financial reporting standards (IFRS) or generally accepted accounting principles (GAAP), and reconciling statements that adjust for any differences between the local and consolidated financial statements.

To Reconcile Accounting Statements, MNCs Usually Require ________ Different Sets