Reference no: EM13748680
Air France-KLM (AF), a French company, prepares its financial statements according to International Financial Reporting
Standards, AF’s annual report for the year ended March 31, 2011, which includes financial statements and disclosure notes, is provided with all new textbooks. This material also is included in AF’s “Registration Document 2010-11,” dated June 15, 2011.
Please only answer numbers 4,5, & 6
1. What amounts did AF report for the following items for the 2011 fiscal year ended March 31, 2011?
a) Total revenues
b) Income from current operations
c) Net income (AF equity holders)
d) Total assets
e) Total equity
2. What was AF’s basic earnings per share for the 2011 fiscal year?
3. Examine note 3.1.1 of AF’s annual report. What accounting principles were used to prepare AF’s financial statements? Under those accounting principles, could AF’s financial information differ from that of a company that exactly followed IFRS as published by the IASB? Explain.
4. In note 3.10.1, AF describes how it values trade receivables. How does the approach used by AF compare to U.S. GAAP
5. In note 24, AF reconciles the beginning and ending balances of its valuation allowance for trade accounts receivable. Prepare a T-account for the valuation allowance and include entries for the beginning and ending balances and any reconciling items that affected the account during 2011
6. Examine note 26. Does AF have any bank overdrafts? If so, are the overdrafts shown in the balance sheet the same way they would be shown under U.S. GAAP?
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