What are the reasons a company should consider having more than one secondary book? We are opening a subsidiary in India and trying to decide if we use the same secondary book or use a new book for India

Basically the only reason I've ever seen for needing a secondary book is for countries that don't follow GAAP/IFRS and require specific treatment for certain transactions. India and China are two that come to mind, I'm sure there are a few others. Depending on the types of transactions you do, you may not run into this scenario, so whether you need a secondary book is something to discuss with your accounting team.

To add to James’s argument (IFRS vs GAAP) another valid reason for the full secondary book is the native currency provided the primary book currency is ,say, USD and native, say, EUR. Aside from these two reasons there isn’t a purpose for the full blown mb.

I mean I guess maybe tax evasion is another reason for a secondary book, but then best practice is paper and pencil for that 😉

nah, statutory book is “out of scope” for full mb, MB Cell will not approve it for tax

Is secondary book required to be able to submit tax returns within NS for UK entities with non-GBP base currency?

@Luis, by “entities” you mean customers and vendors? is it for UK VAT?

UK subsidiaries. And yes it is for UK VAT

that goes to my second case where base currency is not functional currency

If our purpose is not to generate reports in local currency but only to be able to file UK VAT returns for non-GBP UK subsidiaries, is it still required to use MB?