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Prepares its financial statements

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1.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 and is available at www.airfranceklm.com.

Required:
1. Air France KLM 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 earningsas reported in the balance sheet? If Air France KLM 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.

Reference no: EM13882213

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