Refer to the AMR Corporation financial statement information contained in C12 1 Required 1 Explain how the financial statements and disclosures would change if AMR were using IAS 17 instead of FASB ASC 840 Be as specific as possible 2 Explain how the financial statements and disclosures would chang...

Requirement 1 Differences from IAS 17 1 If we use British Airways in Exhibit 1210 as an indication o ...

Refer to the AMR Corporation financial statement information contained in C12-1. Required: 1. Explain how the financial

Question:

Refer to the AMR financial statement information contained in C12-1.

Required:
1. Explain how the and disclosures would change if AMR were using IAS 17 instead of FASB ASC 840. Be as specific as possible.
2. Explain how the and disclosures would change if AMR were using the FASB proposed accounting standards update for leases instead of FASB ASC 840. Be as specific as possible.

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... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...