i got a case study in which theie is a chemical company
group which has 12 companies in all, few in Europe and few
in USA, my question is should i have only 2 COA as per the
standard like US GAAP and IFRS or should i have COA based on
country location.
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Answer Posted / Rajnish Anand
For a multinational chemical company group with operations in multiple countries, it's generally recommended to maintain separate Chart of Accounts (COAs) for each country to comply with local accounting standards. In addition to the US GAAP and IFRS COAs, you would need to create COAs based on the specific regulations of countries where your companies are located.
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