Reporting, local gaap and ifrs gl acc

Question

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

Answer 1

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