Ireland UK financial statement versus USA ones

[dewsbury]

Hi,

I have been asked to assist a software company.
Their produce a product similar to Sage (not a well known product).

The P&L and Balance sheet layout work fine in the UK.
However, they are NOT correct for the USA - where some customers have complained.

QUESTION: In order to produce USA financial statements is it necessary to fundamentally restructure the nominal ledger. OR is it simply a matter of changing the layouts of the reports?

(This is a new implementation of the software).

 

[Fidget]

A chart of accounts is a chart of accounts. Every organisation will have a different one in terms of what account codes make it up, but they're all basically doing the same thing. As long as the required format of the end accounts required can be drawn from it then it's really just the reporting structure that needs changed to suit that format.

 

[dewsbury]

Thanks fidget,

I am told that in the USA they express "expenses" as a positive figure whereas in the UK they are expressed as a negative (P&L report). I am not an accountant and have no idea if this is true!