THE ROLE OF ACCOUNTING FOR FOREIGN SUBSIDIARIES AND AFFILIATES
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THE ROLE OF ACCOUNTING FOR FOREIGN SUBSIDIARIES AND AFFILIATES
ABSTRACT
The study aims to investigate (1) the role of accounting in the financial management of foreign subsidiaries and affiliates, (2) the challenges faced in consolidating financial statements, and (3) the impact of exchange rate fluctuations on financial reporting. A survey research design is employed to collect data from accountants involved in managing foreign subsidiaries. Using Taro Yamane's formula, a sample size of 330 respondents was selected, ensuring a robust and representative sample. The case study is based in Lagos, Nigeria, a significant hub for multinational operations. The reliability coefficient score of the survey instrument is 0.88, indicating high internal consistency. Findings indicate that accounting for foreign subsidiaries is crucial in ensuring accurate financial reporting and compliance with international standards, despite challenges such as exchange rate volatility. Recommendations include enhancing the use of technology in financial consolidation processes and providing ongoing training for accountants in international financial reporting standards.
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