You have been recently hired at Global One Consultants (GOC), an Accounting firm that specializes in assisting clients in listing their companies in multiple stock exchanges around the world. Your hiring comes after the sudden departure of Mr. Fares, a junior consultant who was in the middle of advising American Solutions Company (ASC), a company listed on the New York Stock Exchange (NYSE). Part of the expansion strategy for ASC was to be listed on the Australian Stock Exchange (ASX). Mr. Fares’s main duty was to assist ASC in producing two sets of financial statements. The first set of statements was for maintaining listing requirements at NYSE, which would require using US GAAP

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