Can anyone help? Having trouble with this assignment.

PrPE'NDIX Err C-O Air FranceKLM (AF), a FrancoDutch company, prepares its nancial statements accord- ing to International Financial Reporting Standards. AF's financial statements and disclosure notes for the year ended December 31, 2013, are available in Connect. This material is also available under the Finance link at the company's website (www.airfrancek1m.com). This case addresses a variety of characteristics of financial statements prepared using IFRS, often comparing and contrasting those attributes of statements prepared under U.S. GAAP. Ques tions are grouped in parts according to various sections of the textbook. Part A: Financial Statements, Income Measurement, and Current Assets Al. What amounts did AF report for the following items for the fiscal year ended December 31, 2015? a. Total revenues b. Income from current operations c. Net income or net loss (AF equity holders) d. Total assets 6. Total equity A2. What was AF '3 basic earnings or loss per share for the year ended December 31, 2015? A3. Examine Note 4.1.1 of AF's annual report. What accounting principles were used to prepare AF '5 financial statements? Under those accounting principles, could AF's nancial information differ from that of a company that exactly followed IFRS as published by the IASB? Explain. A4. Refer to AF's balance sheet and compare it to the balance sheet presentation in Illustration 214. What differences do you see in the format of the two balance sheets? A5. What differences do yOu see in the terminology used in the two balance sheets? A6. How does AF classify operating expenses in its income statement? How are these expenses typically classified in a US. company's income statement? A7. How does AF classify interest paid, interest received, and dividends received in its statement of cash flows? What other alternatives, if any, does the company have for the classification of these items? How are these items classified under US. GAAP? A8. In Note 4.6, AF indicates that \"Sales related to air transportation are recognized when the transportation service is provided so passenger and freight tickets are consequently recorded as 'Deferred revenue upon issuance?\" a. Examine AF's balance sheet. What is the total amount of deferred revenue on ticket sales as of December 31, 2015? b. When transportation services are provided with respect to the deferred revenue on ticket sales, what journal entry would AF make to reduce deferred revenue? c. Does AF's treatment of deferred revenue under IFRS appear consistent with how these transactions would be handled under U.S. GAAP? Explain. A9. AF has a frequent flyer program, \"Flying Blue,\" which allows members to acquire \"miles\" as they fly on Air France or partner airlines that are redeemable for free flights or other benefits. a. How does AF account for these miles? APPENDIX C lFRS Comprehensive Case b. Does AF report any liability associated with these miles as of December 31, 2015? c. Although AF's 2015 annual report was issued prior to the effective date of ASU No. 201409, consider whether the manner in which AF accounts for its frequent ier program appears consistent with the revenue recognition guidelines included in the ASU. A10. In Note 4.11, AF describes how it values trade receivables. How does the approach used by AF compare to US. GAAP? Al 1. In Note 26, AF reconciles the beginning and ending balances of its valuation allowance for trade accounts receivable. Prepare a Taccount for the valuation allowance and include entries for the beginning and ending balances and any reconciling items that affected the account during 2015. A12. Examine Note 28. Does AF have any bank overdrafts? If so, are the overdrafts shown in the balance sheet the same way they would be shown under US. GAAP? A13. What method does the company use to value its inventory? What other alternatives are available under IFRS? Under U.S. GAAP? A14. AF's inventories are valued at the lower of cost or net realizable value. Does this approach differ from US. GAAP? Part B: Property, Plant, and Equipment and Intangible Assets B1. AF's property, plant, and equipment is reported at cost. The company has a policy of not revaluing property, plant, and equipment. Suppose AF decided to revalue its ight equipment on December 31, 2015 , and that the fair value of the equipment on that date was 10,000 million. Prepare the journal entry to record the revaluation, assuming that the journal entry to record annual depreciation had already been recorded. (Hint: you will need to locate the original cost and accumulated depreciation of the equipment at the end of the year in the appropriate disclosure note.) B2. Under U.S. GAAP, what alternatives do companies have to value their property, plant, and equipment? B3. AF calculates depreciation of plant and equipment on a straightline basis, over the useful life of the asset. Describe any differences between IFRS and US. GAAP in the calculation of depreciation. B4. When does AF test for the possible impairment of fixed assets? How does this approach differ from US. GAAP? B5. Describe the approach AF uses to determine fixed asset impairment losses. (Hint: see Note 4.14.) How does this approach differ from US. GAAP? B6. The following is included in AF's Disclosure Note 4.13: \"Intangible assets are recorded at initial cost less accumulated amortization and any accumulated impairment losses.\" Assume that on December 31, 2015, AP decided to revalue its Other intangible assets (see Note 18), and that the fair value on that date was determined to be 500 million. Amortization expense for the year already has been recorded. Prepare the journal entry to record the revaluation. Part C: Investments C1. Read Notes 24 and 36.4. Focusing on investments accounted for at fair value through profit and loss (FVTPL): a. As of December 31, 2015, what is the total balance of these investments in the balance sheet? b. HOW much of that balance is classied as current and how much as noncurrent? c. How much of the fair value of those investments is accounted for using level 1, level 2, and level 3 inputs of the fair value hierarchy? Given that information, assess the reliability (representational faithfulness) of this fair value estimate. C2. Complete C1 again, but for investments accounted for as available for sale. C1