Services
Entering US capital markets
We help international companies and groups prepare to enter US capital markets: structure, US GAAP reporting, an audit by a PCAOB-registered firm, and coordination of lawyers and auditors on the owner’s side.
- US GAAP and PCAOB
- reporting and audit
- Selection and coordination
- of providers in the company’s interest
- Free
- first meeting
Who needs this
- A company planning to list in the US or to transact with a US public company.
- A company whose US investor or fund requires US GAAP financial statements.
- A subsidiary reporting to a parent that prepares its statements under US GAAP.
The service is intended for international companies and groups for which US capital markets are open.
What US GAAP and PCAOB are
US GAAP is the set of financial reporting standards of the United States. PCAOB is the body that oversees auditors of US public companies: the statements of companies whose securities trade on the US market must be audited by a PCAOB-registered firm.
What we do
Readiness assessment
We compare accounting, reporting and group structure with market requirements: what is in place and what is missing.
Structure
Legal entities and holding structure, together with legal partners in the US.
US GAAP reporting
We coordinate preparation; if IFRS statements exist, the move is a set of adjustments.
PCAOB audit
We select a PCAOB-registered audit firm, agree the plan and timetable, and support the audit.
Investor materials
A financial model and presentation whose numbers agree with the statements.
One plan and budget
We bring the work of lawyers, auditors and advisers into one timetable and answer for it to the owner.
How US GAAP differs from IFRS
- US GAAP is more detailed and rules-based; IFRS is principles-based and leaves more room for judgement.
- Inventories: US GAAP permits LIFO; IFRS does not.
- Property, plant and equipment: IFRS allows revaluation; US GAAP does not.
- Development costs: capitalised under IFRS when criteria are met, expensed in most cases under US GAAP.
- Impairment: under US GAAP it cannot be reversed for most long-lived assets.
If the group already reports under IFRS, moving to US GAAP is not a start from scratch.
Lawyers and auditors are partners
We are not auditors or lawyers and do not replace them. Incorporation, corporate documents and regulatory matters are handled by legal partners in the US; the audit is performed by an audit firm. Our job is to select them to fit the company’s size and budget and to run the project on the owner’s side.
Our background is IFRS and US GAAP audit at the Big Four and finance leadership of an international group with a US company.
Terms
The advance for scoping is credited against the fee. The budget is based on estimated effort and agreed before we start as a ceiling: if the work takes less, you pay for actual time.
Example
An international technology group with US customers wants to bring in a US investor. The investor asks for a Delaware company and two years of audited US GAAP statements. Structure, timeline and budget need to be planned so that the preparation does not stall the core business.
A typical situation, shown for illustration.Questions and answers
Can we move to US GAAP if we already have IFRS statements?
Yes. The move is then a set of adjustments and additional disclosures rather than preparation from scratch. The volume depends on the group’s operations.
Do you carry out the audit yourselves?
No. The audit is performed by an independent PCAOB-registered audit firm. We select it, prepare the company and support the audit.
Related services
Let’s discuss your project
The first meeting is free. We discuss the task, the situation and your expectations; then you receive a proposal with scope, timeline and budget.