How U.S. GAAP differs from Swedish and European standards

In the U.S. the accounting standards is U.S. GAAP, which is different from the accounting standards in Sweden and the rest of Europe where IFRS apply. Principles-based accounting (IFRS) offers flexibility and encourages professional judgment, with reliance on broad guidelines and conceptual frameworks for scenarios. Rules-based accounting, exemplified by U.S. GAAP, provides clarity and specificity, relying on standardized rules and procedures for accounting scenarios, leaving little room for interpretation.

It can be complex for a foreign subsidiary to fully understand and comprehend all the intricacies and rules of daily bookkeeping, accounting, tax returns and how to manage your financials in a locally compliant way, or simply find the time to do it while starting up the business in a new market. That is why we are here. Arch Atlantic can ensure that your financials are managed in a compliant way, that your invoices and employees are paid correctly and on time and that taxes and reports are prepared properly.  We do this so that you can focus on your clients and growing the business.

How Arch Atlantic can support

Arch Atlantic’s turnkey Finance and Accounting service provides support and management of bookkeeping and accounting in compliance with IRS and other U.S. authorities

• Financial Administration - Arch Atlantic offers administrative support with streamlined processes and efficient system support and provides guidance on U.S. administrative compliance. We will manage the administration for accounts receivable and accounts payable​ and can have direct communication with customers and vendors regarding payment status and follow-up of past due amounts.​

• Accounting & Bookkeeping - Arch Atlantic conducts monthly bookkeeping and reporting in accordance with local law (journal entry and recording etc.)​and supports with cash flow management (payment scheduling, bank balance reporting), intercompany reconciliation (invoice balances, etc.)​, and prepare monthly planning and forecast based on the client’s requirements.

• Controlling and other services​ -We support subsidiaries by setting up internal control mechanisms such as level of authority and perform financial analysis on demand.

• Tax and Annual Reporting​ - Arch Atlantic helps prepare sales tax returns, provides assistance in tax filing, and coordinates with a U.S. Certified Public Accountant (CPA) and the client in the preparation of annual financial statements, corporate tax returns and annual information returns for benefit plans for employees.