Please find attachment and it needs at least 2 paragraphs for each bullet point with references.

"Segment and Interim Reporting" Please respond to the following: Determine the major differences between U.S. GAAP and IFRS disclosure, reporting requirements related to each separately reportable operating segment. Next, give your opinion as to whether either U.S. GAAP or IFRS disclosures provide financial statement users the most useful information for investment or credit decisions. Provide support for your choice. Speculate on at least three (3) accounting problems that exist under U.S. GAAP related to interim financial reports. Next, suggest at least one (1) approach to overcome each listed problem. Provide a rationale for your response. "Segment and Interim Reporting" Please respond to the following: Determine the major differences between U.S. GAAP and IFRS disclosure, reporting requirements related to each separately reportable operating segment. Next, give your opinion as to whether either U.S. GAAP or IFRS disclosures provide financial statement users the most useful information for investment or credit decisions. Provide support for your choice. IFRS' is the term used to indicate the whole body of IASB authoritative literature. While 'US GAAP' is the term used to indicate the body of authoritative literature that comprises accounting and reporting standards in the US. Rules and interpretative releases of the SEC under authority of federal securities laws are also sources of authoritative GAAP for SEC registrants. Individual standards and interpretations are developed and maintained by the IASB and the IFRS Interpretations Committee. Authoritative US GAAP is primarily developed and maintained by the FASB and the Emerging Issues Task Force. IFRS is designed for use by profit-oriented entities. Unlike IFRS, US GAAP is designed for use by both profit-oriented and not-for-profit entities, with additional Codification topics that apply specifically to not-for-profit entities. Any entity claiming compliance with IFRS complies with all standards and interpretations, including disclosure requirements, and makes an explicit and unreserved statement of compliance with IFRS. Like IFRS, any entity claiming compliance with US GAAP complies with all applicable sections of the Codification, including disclosure requirements. However, unlike IFRS, a statement of explicit and unreserved compliance with US GAAP is not required. The overriding requirement of IFRS is for the financial statements to give a fair presentation (or a true and fair view). Unlike IFRS, the objective of financial statements is fair presentation in accordance with US GAAP. In providing information to users of financial statements, the Board relies on general-purpose financial statements. The intent of such statements is to provide the most useful information possible at minimal cost to various user groups. Underlying these objectives is the notion that users need reasonable knowledge of business and financial accounting matters to understand the information contained in financial statements. This point is important: it means that in the preparation of financial statements a level of reasonable competence can be assumed; this has an impact on the way and the extent to which information is reported. Reference: KPMG (2014). Article from KPMG.com: IFRS compared to US GAAP: An overview. Retrieved from http://www.kpmg.com/CN/en/IssuesAndInsights/ArticlesPublications/Documents/IFRScompared-to-US-GAAP-An-overview-O-201411.pdf on December 1, 2015/ Speculate on at least three (3) accounting problems that exist under U.S. GAAP related to interim financial reports. Next, suggest at least one (1) approach to overcome each listed problem. Provide a rationale for your response Accounting problems are as below: 1.Sale of goods on credit. 2.Machinery used for production. 3.Salary of the current month will be paid in the first week of the coming month. Approaches under U.S. GAAP to overcome each of the above problems and their rationales are given below: 1.Sale of goods on credit: Revenue should be recognized in the period of completion of performance obligation. Therefore, the credit sale should be recorded as 'receivable' debit and 'revenue' credit. There is no cash involvement by treating the case as accrual basis. 2. Machinery used for production: The proportionate amount of machinery, which is known as depreciation expense, should be a part of production cost. The case should be dealt in this way, because of matching principle in accounts. 3. Salary of the current month will be paid in the first week of the coming month: The amount of salary should be recorded as 'outstanding salary' in the current month's books of accounts. This is done due to the accrual concept. Reference: Deloitte (2014). Article from Deloitte: Securitization Accounting. Retrieved from https://www2.deloitte.com/content/dam/Deloitte/us/Documents/risk/us-aerssecuritization-accounting-011914-final.pdf on December 1, 2015