Leading ledger can be local GAAP? Pros and Cons. 1 company code scenario

My client /the company uses 2 GAAPs: local GAAP and IFRS.
I have read that "the leading ledger is based on the same accounting principle as that of the consolidated financial statement. It is integrated with all subsidiary ledgers and is updated in all company codes (if posting is not ledger specific)."
If we have only 1 company code can we have local GAAP as the leading ledger? What are the pros and cons?
Arjan

Hi,
Local GAAP must be a leading ledger because country you are operating your business will require wide reporting like financial statements, tax registers, stock registers. So, primary posting will be related to your local GAAP which will be directed to both leading and non leading ledger. If there are certain things which are required to be altered then you can post the differences exclusively to the non leading ledger using transaction FB50L.
Keeping Local GAAP as non leading ledger will require huge posting of adjustments.
Regards,
Chintan Joshi.

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