Air France-KLM (AF), a Franco-Dutch company, prepares its financial statements according to International Financial Reporting Standards. AF's financial statements and disclosure notes for the year ended December 31, 2015, are available in Connect. This material is also available under the Finance link at the company's website (www.airfranceklm.com).

Required:

1. What amounts did AF report for the following items for the year ended December 31, 2015?

a. Total revenues

b. Income from current operations

c. Net income or net loss (AF equity holders)

d. Total assets

e. Total equity

2. What was AF's basic earnings or loss per share for the year ended December 31, 2015?

3. Examine Note 4.1.1 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.