Is there a way to create separate instances of ARM to keep the entire set up separate between to typ

We have a peculiar requirement for the different types of reconciliations for different GAAP requirements for multinational company. There are two sets of reconciliations for the same set of accounts depending on the local vs US GAAP requirements. The profile definitions, set up etc. is also totally different and the period start-end dates are also different. As such it is becoming quite tricky to handle all such different aspects in one instance of ARM.

Is it possible to create a separate instance of ARM to take care of this kind of a requirement? This would be similar to say HFM where a different app can be created with different set up.