Question: For US companies that have foreign subsidiaries, how does it work when it comes down to financial reporting? Should they be using IFRS or GAAP

For US companies that have foreign subsidiaries, how does it work when it comes down to financial reporting? Should they be using IFRS or GAAP standards. And vice versa? Also, what does this all mean for the future now that almost all countries but the US has adopted IFRS standards?

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