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 li...

Requirement 1 Air FranceKLM lists four items in the shareholders equity shareholders investment section of the balance sheet If AF used US GAAP Issued ...

Air France-KLM (AF), a Franco-Dutch company, prepares its financial statements according to International Financial Reporting Standards. AF's

Question:

Air France-KLM (AF), a Franco-Dutch company, prepares its according to International Financial Reporting Standards. AF's 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. AF lists four items in the shareholders' equity section of its If AF used U.S. GAAP, what would be the likely account titles for the first and fourth of those components?
2. Locate Note 29.5 in AF's What items comprise "Reserves and retained earnings" as reported in the If AF 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 prepared in accordance with U.S. GAAP.
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...