Final answer:
Oracle's approach to consolidations for subsidiaries with different requirements within the same application instance is to use Oracle Fusion General Ledger for multiple ledgers and consolidation tools like Oracle Hyperion Financial Management or Oracle Financial Consolidation and Close Cloud Service for streamlined processing and reporting.
Step-by-step explanation:
Oracle's recommended approach to performing consolidations for subsidiaries that require different charts of accounts, accounting calendars, and currencies, within the same application instance is to utilize its Oracle Fusion General Ledger functionality. With Oracle Fusion, you can define multiple ledgers for each subsidiary that needs a different chart of accounts or accounting calendar. Each ledger can have its own accounting convention, currency, and calendar, which allows for simultaneous accounting across different compliance standards without the need to reconcile data between separate instances.
Moreover, Oracle's consolidation tools such as Oracle Hyperion Financial Management (HFM) or Oracle Financial Consolidation and Close Cloud Service (FCCS) can be used to combine financial results from multiple ledgers, enabling accurate and streamlined consolidation processing, intercompany eliminations, and reporting. These tools are part of Oracle's Enterprise Performance Management suite and offer comprehensive consolidation features that cater to global accounting requirements and multi-GAAP environments.When dealing with subsidiaries that require different chart of accounts, accounting calendar, and currency, Oracle recommends using their Consolidation software. Oracle's Consolidation software allows for the consolidation of financial data from multiple subsidiaries, even if they have different accounting requirements. The software can handle different charts of accounts, accounting calendars, and currencies, ensuring accurate and efficient consolidation.