Accounting standrads reconciliation in cross border transactions

What is the standard way of doing things when trying to reconciliate and adjust financial statements in different GAAPs? In terms of how do you do it?

Do you ask a local accounting firm / to produce IFRS/US GAAP based statements?
Do you go to Big 4 so that they use their network and produce required financials for you?

It is a practical question, I would appreciate an example project sequence, with whom you talk, how long it can take, etc..

What happens after merger is also a question - does, say a local subsidiary, produce two sets of reporting - one is for consolidation (US GAAP/IFRS based) and the other one for local reporting (Local GAAP)?

Thanks.

 

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