Local Suppliers
Code: 2111
👁 Views: 118
Account Information
| Financial Statement | Statement of Financial Position |
| Normal Balance | Credit |
Definition
Local suppliers
Note: This account may be broken down into sub-ledgers as needed (e.g., customer/supplier/bank names or branches).
📐 IFRS vs US GAAP Accounting Treatment
IFRS
IFRS 9
Financial Instruments
US GAAP
ASC 405
Liabilities
❓ Frequently Asked Questions
Q: What is the difference between local and foreign suppliers?
A: Local suppliers are within the same country, transactions in local currency subject to local tax. Foreign suppliers are outside the country, transactions often in foreign currencies and may be subject to customs duties.