Document the effects of the GAAP differences in the 20F by doing the following:

a. For the current year, calculate the percentage change for net income and for total shareholders’ equity indicated by the reconciliation and using the non-U.S. GAAP

(i.e., IFRS) numbers as a base.

b. Repeat the same calculations for the preceding year. Are the percentage changes approximately the same? What is significant about your findings?

c. For the current year, identify the two income statement items and the two balance sheet items that exhibit the relatively largest differences.

Would you expect other French multinational companies to be subject to similar item-by-item differences?