Indian and US GAAP

Hello
My client raised a query for which i need your help
the query is we have got our compnay in India and if we want to show
our Balance Sheet to US company we need to show Balance sheet in US-GAAP
How to go about this can anyone suggest me any solution please.
Thanks in advance .
Nitin

Hi,
Good evening and greetings,
As per the Accounting Practice, it would be a single Financial Statement Version which would have US GAAP Account - Elimination Postings Account = Indian GAAP (Local GAAP Account) Value...When US would see your balance sheet the financial statement version would give only the US GAAP GL accounts and when reporting it in India, it would account the elimination postings and would gie the Indian GAAP value.
Please reward points if found useful
Thanking you
With kindest regards
Ramesh Padmanabhan

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Financial statements to comply with IFRS and US GAAP.

Hi everyone,
We need to start reporting our external financial statements to comply with IFRS and US GAAP.
There are some primary differences in the 2 accounting principles relates to PPE (Fixed Assets/Capital Expenditure) and therefore multiple/different valuations of the assets, they need to be provided for.
Do you know how we can comply with both the IFRS and US GAAP reporting requirements in general using the tools in SAP ?
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Dago

Hi,
A few tips: Asset Area 1 should be mapped to IFRS and linked to leading ledger. Area 20 is mapped to GAAP and liked to non-leading ledger. Area 1 should be 100% depreciated to capital expenditure in the very first depreciation run, which will allow you to report capital expenditure at the end of the month. Area 20 is for depreciation over the life (the regular GAAP stuff).
Regards,
Ming
Edited by: Minghong Ji on Jun 15, 2011 6:48 PM

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Hello Harikrishnan,
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Has any one met the Indian Statutory requirements pertaining to:
i)Additions of Exchange Fluctuation Cost
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P.S. please reply at [email protected]
& [email protected]

Hi Friends,
No replies at all , any pointers.
Regards
Ashutosh

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Hi,
anyone here who have implemented dual reporting US GAAP and IFRS at the same time? Hope you could share on how to implement this. Is implementing parallel ledgers enough?
Thanks.

We just implemented IFRS accounting without effecting GAAP accounting. No parallel ledgers were required. Our strategy was to start with GAAP chart of accounts and identify all accounts as follows:
o   Common u2013 Both U.S. GAAP and IFRS standards are the same. No adjustments to U.S GAAP
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o   Re-class u2013 U.S. GAAP costs are classified differently under IFRS. Costs must be u201Cmovedu201D to
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o   Elimination u2013 U.S. GAAP costs are not applicable in IFRS reporting and are eliminated from the
     IFRS financial statements.
o   Valuation u2013 U.S. GAAP Costs are applicable in IFRS but must be revalued from a U.S. GAAP basis
     to IFRS basis in the IFRS financial statements.
We then created new accounts preceded with an u2018Iu2019 concatenated with the original account. Any adjustment required to meet IFRS is booked to the u2018Iu2019 accounts only. Our GAAP financial statements include only the original accounts (i.e. no accounts that begins with u2019Iu2019). Our IFRS statements include all the GAAP accounts plus the IFRS accounts.
The naming convention was carried through to all modules in SAP.   In CO, we also had a naming convention to segregate IFRS related objects.
Works slick and the external orders are happy.

Indian and Filipino telesalesmen

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Art_Nouveau wrote:
Thank you for your replies.
Other topics do indeed show cold-callers to be a problem. Today I received three calls from "international" or "unavailable" numbers, yesterday I had four. At this date there have been no unwanted calls from UK numbers. I hope this is due to the TPS filter.
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I wonder whether these people might be on some incentive to call more numbers regardless of whether they contact anybody or sell anything!
trueCall looks a useful device and, if it works, I would guess it is worth buying at less than £100. What troubles me is that it requires yet another main socket outlet for its exclusive use. I already have four thus occupied in my living-room where all the telephone gear resides.
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Art
I do use a Truecall unit myself and find it ideal. It does need a power socket within about 2 metres.
There is a good chance that you could save on some services that you pay for now. You can use it as an answer phone, with the purchase of the record card. it will record both outgoing and incoming calls as you wish.
Since the beginning of November I have had 15 International calls, all have been either rejected or allowed through to an answer machine without bothering me.
toekneem
http://www.no2nuisancecalls.net
(EASBF)

Please get rid of your Indian and Phillipines call...

cut a long story short, My Mother-in-Law (aged in her 70's) phone kept going dead when it rained. She called the fault line and an engineer was dispatched in early March. He said there was nothing wrong with the lne, but the internal extenson was faulty which e replaced the box and said it would be fine. Well march was a very dry month and last week it stoppped working again. i called this time and trying to get the call centre to understand that the engineer hadn't done his job properly was almost impossible. I did the checks they asked, and then they asked if i was prepared to repair it under their instruction... I was very angry, why was my mother-in-law about to get a £130 bill for if i am expected to repair it. Well it went from bad to worse, I even called billing and ended up very brifly speaking to someone in the philipines. that was the straw that broke the camels back. I filled in a complaint form on-line. Someone from england called me and wondered why the engineer that had just been promised was cancelled. He went off to investigate and called me back once BT computors had come back on line. He said someone would call to re-make an apointment. I missed two call that day, and nothing the following day. So I called again, and again the call centre couldn't grasp, what I was getting at. Surely the work that was carried out in March was guarenteed? Well apparently not. I got so frustrated I stated that we would not be paying the bill and hung up. I then went out and putchased twin cordless phones so we no longer required the extension. then the Bill came through and also a call from the BT care team in England. Very syphathetic and withing two days the £130 was credited to my mother-in-laws bill. I can't be the only one, it must be less effectient to keep these call centres? how many have defected to other service providers? Anyway as I said problem solved, but what about those vunerable people who haven't anyone to help them?
K.Grace

No matter what supplier you go to they use outsourced call centres also by the nature of forums they carry complaints and problems because those that are happy do not bother to post you can go and look at any isps forum and you will the same complaints
If you want to say thanks for a helpful answer,please click on the Ratings star on the left-hand side If the reply answers your question then please mark as ’Mark as Accepted Solution’

Indian GAAP vs US GAAP diff amount

We are maintaining different Gross Block values in Indian GAAP and US GAAP
Client wants to reduce the amount of the asset in ONLY Indian GAAP without affecting the US GAAP value. If we post a credit memo it reduces the amount in US GAAP also.. How to reduce the value of an asset only in Indian GAAP without affecting the USGAAP value.
plz help

Hi,
Make a copy of the required transaction type and then limit it to post only in your Indian Dep.Area.
Kind regards

US GAAP and IFRS

Hi,
my clients is Indian company. Now they wants implement SAP (ECC 6). They are asking, other than standard ledger they want US GAAP and IFRS reports also.
So can some one tell me how to configure this in SAP and what are the impacts on other modules if we activate Parallel Accounting.
Thanks
Rams N

Hi,
Parallel Accounting supports multible accounting principles. For your client Accounting principle reporting requirements could include local Generally Accepted Accounting Principles (GAAP), US GAAP and International Financial Reporting Standards (IFRS).
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1. In asset accounting ledger groups are assigned to the depreciation areas. Consequently, postings are made to separate ledgers in FI. The leading ledger has to be assigned to depreciation area 01.
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Regards,
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Reporting, local gaap and ifrs gl acc

hi
1) i would like to know why 2 sets of book? in the coa, there are main gl account, ifrs gl account and local gaap account. i am thinking 3 sets. please clarify.
2) double entry on DR/CR for main gl account, DR/CR for ifrs account, DR/CR for local gaap account. right?
3) can have mix of gl account in double entry? DR main gl CR local gaap or DR local gaap CR ifrs account.
3) what kind of transaction post to local gaap? can have example?
4) why need to have local gaap account although having main gl account? can have example?
thanks

Parallel account work like this:
1 In new GL u have the concept of leading ledger and non Ledger.
2 Leading ledger will inherit all the properties of the company code settings like currency, fiscal year variant etc.
3 you can define two additional currencies in addition to company code currency for each company code
4 Defining non leading ledger is optional for which u can assign depending upon the requirement different currency and fiscal year variant
5 When u are posting to the company ocde system will post for all ledgers assigned to the company code. (leading and non leading)
6 If u want to make posting only to a particular ledger for gap requirement u can make posting only to that ledger either leading or non leading ledger
7 U can define as many non leading ledgers as the need be
8 U can assign the non leading ledgers for each accounting principles
I think i have covered most of the points pl let me know u have any

Is it possible that someone can disable my OUTLOOK EXPRESS by not letting me log in my password. and also not allowing me to log in to my gaming account.

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Did you buy a used iPhone? It appears that it's locked to that account.
However, before going nuts, try this step by step suggestion to change iCloud accounts.
http://9to5mac.com/2014/07/19/how-to-safely-delete-or-change-an-icloud-account-f rom-your-mac-or-ios-device/
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Hi Gurus,
What is the new G/L Concept ?
What is the purpose of new G/Lconcept?
And what is the special purpose ledger ?
Please give me the proper answer for above questions,
Regards,
Baltha

Hi Batha,
General Ledger Accounting (FI-GL) (New)
The central task of G/L accounting is to provide a comprehensive picture of external accounting and accounts. Recording all business transactions (primary postings as well as settlements from internal accounting) in a software system that is fully integrated with all the other operational areas of a company ensures that the accounting data is always complete and accurate.
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General Ledger Accounting allows you to perform parallel accounting by managing several parallel ledgers for different accounting principles.
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In General Ledger Accounting, you can perform internal management reporting in parallel with legal reporting. For this purpose, the Profit Center Accounting functions are integrated with General Ledger Accounting. Furthermore, you can generate financial statements for any dimension (such as profit center).
- Segment Reporting
General Ledger Accounting supports the segment reports required by the accounting principles IFRS (International Financial Reporting Standards) and US GAAP (Generally Accepted Accounting Principles). For this purpose, General Ledger Accounting contains the Segment dimension.
- Cost of Sales Accounting
You can perform cost of sales accounting in General Ledger Accounting. For this purpose, General Ledger Accounting contains the Functional Area dimension.
Features
General Ledger Accounting comprises the following functions for entering and evaluating posting data:
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- Real-time evaluation of and reporting on current posting data, in the form of account displays, financial statements with different balance sheet versions, and additional analyses.
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- Account information
- Journals
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- Balance sheet/profit and loss evaluations
However, SAP still offers to choose between the New GL and the old Classic GL way of accounting.
There are certain limitations in the new GL and clients are adopting to the new gl concept.
and also check this link
http://help.sap.com/printdocu/core/Print46c/EN/data/pdf/FISL/FISL.pdf
Regards,
srinivas muthyala

Invoices, Customer Statements and Order Confirmation

If one customer wants these things sent to three different places how and where do I look to configure this. i.e. They want their invoice to arrive in an office in Indiana, and the confirmation in Michigan.
Any help would be great.
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Justin

Hi Justin
Here is the link from SAP help on the EDI settings for invoice and order confirmation
http://help.sap.com/saphelp_47x200/helpdata/en/f0/4228f2a97311d2897a0000e8216438/frameset.htm
http://help.sap.com/saphelp_47x200/helpdata/en/4b/ad4ecb17fd11d28a360000e829fbbd/frameset.htm
But all this should be setup in co-operation with the EDI consultant.
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Ashok
Award points if this is useful

Year end and Doc types

Hi all,
I have a question that just came up due to the year end:
we use three doc types for top level adjustment: L1 - permanent, L2 - reverse next month, L3 - reverse next year.
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Pavel

Mani,
Thanks for your reply. I think my question was a little confusing.
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Dan's answer is probably the best - test in our environment and then we'll know.
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Indian and US GAAP

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