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1.Air FranceKLM (AF), a French company, prepares its financial statements according to International Financial Reporting Standards. AF 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 201011, dated June 15, 2011 and is available at www.airfranceklm.com.Required:1. Air FranceKLM lists four items in the shareholders' equity section of its balance sheet. If AF used U.S. GAAP, what would be the likely account titles for the first and fourth of those components?2. Locate Note 27.4 in AF's financial statements. What items comprise Reserves and retained earnings as reported in the balance sheet? If Air FranceKLM used U.S. GAAP, what would be different for the reporting of these items?3. Describe the apparent differences in the order of presentation of the components of liabilities and shareholders' equity between IFRS as applied by AF and a typical balance sheet prepared in accordance with U.S. GAAP.
On December 31, 2007, Bert's Farm Store had the following account balances in its accounting system. All year-end adjustments had been entered, but the books had not yet been closed.
On January 1, 2011 Phoenix Co. acquired 100 percent of the outstanding voting shares of Sedona Inc. for $600,000 cash. At January 1 2011, Sedona's net assets had a total carrying amount of $420,000.
For the first of two capstone components, you will develop a comprehensive, professional portfolio by creating three artifacts: financial statements and analysis, a sample audit program, and a tax memo.
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in the united states accounting principles are developed through a cooperative effort between the public sector and
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Harry Dorffman owns and operates Harry's Abstracting Service. Harry's two revenue generating operations (Abstracting Services and Closing Services) are supported by two service departments: Clerical and Custodial. Costs in the service departments ..
Identify the steps involved in risk assessment. Do you think it would be effective for an organization to hire external consultants to develop its risk assessment plan?
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