UK subsidiaries of US companies face the challenge of US GAAP group reporting requirements, which involves understanding the differences between US GAAP and IFRS, or UK GAAP.
These differences are continually evolving with the implementation of new standards, amendments and interpretations that are issued by the Financial Accounting Standards Board (FASB), the International Accounting Standards Board (IASB) and the Financial Reporting Council (FRC), amongst others. With full convergence between US GAAP and IFRS not achievable in the near term, this situation is unlikely to improve in the foreseeable future.
Our team has significant experience advising a wide range of clients on US GAAP matters.
For companies with US GAAP group reporting requirements, we can help you to understand the differences between US GAAP and IFRS, or UK GAAP.