Bayt.com

Start networking and exchanging professional insights

Register now or log in to join your professional community.

Follow

Can a foreign company having Financial Statement in a foreign Currency Present its report in Local Currency -AED representing its Local Unit?.

Accounting
user-image
Question added by MUHAMMED ANWAR , Finance Manager-Country Controller(UAE , Kuwait, Qatar) , Hockway Middle East FZE(An aegion co.www.aegion.com)
Date Posted: 2013/05/02
Upvote (0) Views (10) Followers (0) Answers (3) Report Question
Write an Answer
Register now or log in to answer.
Mohammad Ashfaq
by Mohammad Ashfaq , Financial Controller , Union COOP

Sure, if assumed so.
However, the financial reporting framework/standards under which the financial statements are prepared should be considered for whether it is acceptable to local authorities.

Mohammed Salim Allana
by Mohammed Salim Allana , Compliance and Assurance Manager , United Arab Bank

Yes, it is all depend upon the local UAE regulatory instructions, all reporting should be in AED.

The company can have two or three sets of internal management accounts in different currencies with different scenario.

Asad Ullah masood
by Asad Ullah masood , Senior Accountant , GLOBAL BUSINESS INTERNATIONAL

Yes, If the Company is Using any STANDARD ACCOUNTING SOFTWARE, which have the Application of exchange rate for currency,

Write Your Answer
More Questions Like This

Do you need help in adding the right keywords to your CV? Let our CV writing experts help you.

Get Help