Overview: The final project for this course is the creation of a white paper consisting of a report and spreadsheets. You will be placed in a scenario in which you will take the role of an associate in a certified public accountant (CPA) firm. The CPA partners in the scenario ask you to report for the firm's clients to help address some of the questions they ask. You will address questions from the firm's clients by assembling the necessary information in a written report format. Your report should include spreadsheet examples. Topics addressed in the white paper will cover bankruptcy, interim and segment reporting, foreign currency transactions, and nonprofit and governmental accounting. Your three milestone assignments for this course consist of drafting shorter reports and supporting spreadsheets, which will prepare you for the completion of your comprehensive white paper. You should use your instructor's feedback from the milestone submissions to improve your final submission. Prompt: For Milestone Two, draft a short paper and the necessary spreadsheets for Section I, Parts B and C of 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:

Determine if the interim reporting requirements are the same under GAAP and IFRS. Provide example with academic support in your response.