Connor and Martin have heard that IFRS is used internationally for financial statements but they know very little about it. Since they will most likely be going public and expanding internationally in the near future, they are considering switching to IFRS from GAAP and would like more information. They also realize if they go public and expand their business, they will have to deal with some issues they have not had to deal with previously, such as interim and segment reporting. For their first request, they would like you to research the following topics:
What are the similarities between GAAP and IFRS?
What are the major differences between GAAP and IFRS?
What are the requirements for interim reporting under both GAAP and IFRS?
Are there any problems or issues associated with interim reporting?
What are the advantages and disadvantages of providing segmented reporting?
What are the requirements for segment reporting under both GAAP and IFRS? Include the definition of an operating segment.
Memorandum Mechanics should be as follows:
The body of the memorandum should be a professional presentation centered on clear and concise writing. The responses to the questions should be detailed, well researched, and specifically related to CMC's industry.
The memorandum itself does not have to be in APA format. However, you should have in-text citations and a reference page. Both of these items should be in APA format.
Use the FASB Codification and IFRS to address all technical accounting issues presented in the questions, being certain to reference the applicable sections of the Codification and IFRS in your report. You may quote directly from the Codification and IFRS as long as all direct quotes are included in quotation marks.
Any other sources used to support your responses should similarly be properly documented. You should have other credible sources in addition to the Codification and IFRS. The following might be useful for research: Rasmussen College online library services School of Business - Accounting.