FAA rules are different. The tendency there is to log everything as PIC, which is technically right even for an ab initio PPL student since he is PIC under the privileges of the US Student Pilot Certificate.
Semantics I know but only if the student is solo, otherwise it is dual only.
The FARs basically say "if you are rated on the aeroplane, then you can log it as PIC" - which is fair enough - you have proved to an examiner that you are capable of operating the aeroplane as PIC in those flight conditions. So a SE only PPL may NOT log PIC when flying a ME aeroplane with FI. Also this catches a few out - if flying under the hood (simulated instrument time) with a safety pilot who has an IR, and you enter
actual IMC, then theoretically the non IR'd person flying under the hood can not log PIC for the portion of the time they are in the cloud - as they are not rated to be there.....so they cannot log ACTUAL and PIC...