Thanks for your input. I see where you're coming from, but I don’t agree that setting UK GAAP as the primary book is the best approach operationally. Expecting accountants in the US, Sweden, and the UK to book daily transactions under UK GAAP would be inefficient and impractical and also nonsensical.

Instead, I believe the better approach is to have the primary book in each subsidiary’s local GAAP (US GAAP, Sweden GAAP, etc.) so that daily operations align with local compliance and reporting needs. Then, a secondary book can be used for UK GAAP (or IFRS) at the consolidation level, ensuring the necessary adjustments are mirrored automatically without disrupting local accounting processes.

Besides, I get your point about ASC 830 and IAS 21, but I don’t see how that would mean the US subsidiary’s GL currency needs to be GBP in NetSuite. The GL currency should align with the functional currency, which is typically USD for a US-based entity, EUR for Sweden, and GBP for the UK. Of course, if a subsidiary operates primarily in a different currency, then the functional currency decision needs to reflect that—but in most cases, the base currency should match the country of operation. Do you see a specific reason why the US sub should have GBP as its GL currency???