British Airways, Plc. (BA), a U.K. company, prepares its financial statements according to International Financial Reporting Standards. BA's annual report for the year ended March 31, 2009, which includes financial statements and disclosure notes, is included with all new textbooks and can be found at www.britishairways.com. When answering questions, focus on BA's “ Group” financial information (which is equivalent to “Consolidated” under U.S. GAAP).

Required:

Describe the apparent differences in the order of presentation of the components of the balance sheet between IFRS as applied by British Airways (BA) and a typical balance sheet prepared in accordance with U.S. GAAP.