For Milestone Two, draft a short paper and the necessary spreadsheets for Section I,Parts B and Cof the final project. Describe interim reporting requirements under generally accepted accounting principles (GAAP) and international financial reporting standards (IFRS), and provide a financial statement example illustrating what the interim report should entail. You will also discuss reporting requirements for business segments and discuss transparency in financial reporting. Specifically, the following critical elements must be addressed: I.Incorporation: Clients considering structuring their new business as a corporation are aware that there are complex issues to consider when accounting for an incorporated entity. The clients often want information about the following key areas:B.What interim reporting requirements would the company have as a corporation?
1.Describe the guidance related to interim financial reporting under generally accepted accounting principles (GAAP) and international financial reporting standards (IFRS).
2.Generate a hypothetical financial statement illustrating what that interim reporting entails. Ensure all information is entered accurately.
3.Determine if the interim reporting requirements are the same under GAAP and IFRS. Provide example with academic support in your response.C.Clients have heard that they may have to report some of their business segments separately if they opt to incorporate.1.Appraise one of the processes used to identify which segments would have to be reported separately. Provide example with academic support in your response.
2.How is this process effective in supporting transparency in financial reporting? Defend your response with academic support.
3.Provide suggestions to improve this process in an effort to sustain transparency. Defend your rationale with academic support.
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