Q. Is it true that the India Fixed Asset localization does not post to the GL?

A. This is not an standard functionality. It just give you the report to see movement as per income tax act and to prepare schedule V

If so, how do the fixed assets get recorded in GL?  Through a manual journal?

A. You can prepare and post differed tax entries. Mostly I have seen business prepare separate book (at GL level) after posting entries are per IT, they fetch the reports.

If you want to maintain depreciation schedules of assets for both India and US GAAP, would you setup two corporate books -- one for each country? 

A. I will say yes, because US books will be in USD. This consultant needs to decide after analyzing Co’s reporting requirement.

How would we post the US Corporate book to the GL?  Would we need to setup an MRC book (we are 11.5.10) in USD and assign the US CORP book to that MRC book?

A. In my opinion, this can achieved through a tax book in FA