US GAAP

US GAAP: an acceptable accounting principle in Luxembourg?

As more and more US-based asset managers choose Luxembourg for their next alternative investment funds (AIFs), the question they invariably ask is whether they can keep the accounting principles they are using for their current structures: United States Generally Accepted Accounting Principles (US GAAP). Many of these asset managers also run parallel funds al […]
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IFRIC 23 to clarify grey areas in income tax

Unclear tax treatments are headaches for any executive, but for accountants they are especially annoying: this is because varying treatments mean varying accounting, and that leads to inconsistencies. (As accountants, we hate inconsistencies!) Consequentially, financial statements prepared under the International Financial Reporting Standards (IFRS) can lose muc […]
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IFRS issuers with operations in the US: have you revised your estimates?

Tax changes in the US are felt in many places around the world, and the recent tax update across the pond, passed in late 2017, is no exception. In Luxembourg, companies with operations in the US (e.g. a US subsidiary) may be significantly affected. Because IFRS requires issuers to prepare their financial information based on substantively enacted tax laws and r […]

Divergence is what we see: IFRS compared to US GAAP 2014

In May 2014, the IASB (International Accounting Standards Board) and the FASB (Federal Accounting Standards Board) published a joint standard on revenue from contracts with customers. Having a fully converged standard in an area of accounting that affects virtually every company is in itself a major achievement. For other major joint projects, however, it appear […]
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