Refer to the Delta Air Lines financial statement information contained in C12-1. Required: 1. Explain how the

Question:

Refer to the Delta Air Lines financial statement information contained in C12-1.

Required:

1. Explain how the financial statements and disclosures would change if Delta were using IAS 17 instead of FASB ASC 840. Be as specific as possible.

2. Explain how the financial statements and disclosures would change if Delta were using IFRS 16. 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...