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:

1. What are the similarities between GAAP and IFRS?
2. What are the major differences between GAAP and IFRS?
3. What are the requirements for interim reporting under both GAAP and IFRS?
4. Are there any problems or issues associated with interim reporting?
5. What are the advantages and disadvantages of providing segmented reporting?
6. What are the requirements for segment reporting under both GAAP and IFRS? Include the definition of an operating segment.