Air FranceKLM (AF), a Franco-Dutch company, prepares its financial statements according to International Financial Reporting Standards. AFs
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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, 2019, are available in Connect. This material also is available under the Finance link at the company’s website (www.airfranceklm-finance.com).
Required:
1. Refer to AF’s disclosure notes, in particular Note 2: Restatement of Accounts 2018. Was the first of the two changes described in the note a change in estimate, a change in principle, a change in reporting entity, or an error correction?
2. Is this the same approach AF would follow if using U.S. GAAP?
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Requirement 1 The first of the two changes in Note 2describesa change in principleActually both c...View the full answer
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