Hi All,
I had recently come across a certain conceptual problem regarding the country chart of accounts and the parallel accounting (Ledger solution) in New GL. The basic purpose of country chart of accounts is country specific reporting and with the help of ledger approach in new gl accounting you can report according to different accounting principles. Suppose there is a group in Germany who is subject to reporting according to IFRS. It is having a Subsidiary company in india as well. For the subsidiary it is important that it should report according to Local accounting principles AS-3 as well as according to the group reporting i.e IFRS.
For the above scenario we will be going to use parallel accounting i.e the ledger approach. Is there any requirement of using Country chart of accounts. Does Country chart of accounts and Ledger approach in new gl is a substitute to each other. In order to replicate a similar kind of Scenario in System, please throw some light and explain it conceptually and appreciate if you can explain it with some examples.
Thanks and Regards,
Piyush Dubey