Hi,
My Issue is as follows:
An entity in India required to report in India as per IGAAP(Indian Generally Accepted Accounting Policies) as required to report as per IFRS(International Framework Reporting Standard).
Period for Reporting as per IGAAP: Apr to Mar( Fiscal Year i.e Apr 15 to Mar 16)
Period for Reporting as per IFRA : Jan to Dec ( Calender Year i.e Jan 15 to Dec 15)
Now For IFRS reporting purpose,I have to run the consolidation and take the data into the Consolidation Company i.e I required 3 Month Data from Last Fiscal Year and 9 Month Data from Current Fiscal Year.
But we have some entries specifically Fixed Assets Entries in which Deprecation Amount will differ for IFRS and IGAPP. Now issue is I found Duplicate account (as I am maintaining the different main account for IGAAP and IFRS Dep) in my Consolidated company i.e Dep account as Per IGAAP and Dep Account as per IFRS.
Now I have 3 Points,
1.How to deal with this situation.Please let me know.
2. If I am not correct and you have any other process to deal with situation then let me know.
3.Is there any way to escape a particular ledger account while consolidation.
Thanks & Regards
Manish Saxena
AX Finance Consultant