Hi there. The Financial statement is found here: http://www.airfranceklm.com/sites/default/files/communiques/consolidated_financial_statements_2015.pdf
Please let me know if you have any questions. Thank you so much for your help.
Air France-KLM Case 013-7 @ IFRS 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, 2015, are available in Connect. This material is also available under the Finance link at the company's website (www.airfranceklm.com) Required: 1. Read Notes 4.6 and 35. What do you think gave rise to total deferred income of 249 as of the end of fiscal 2015? Would transactions of this type be handled similarly under U.S. GAAP? 2. Is the threshold for recognizing a provision under IFRS different than it is under U.S. GAAP? Explain. . Note 32 lists "other provisions." a. Do the beginning and ending balances of total provisions and retirement benefits shown in Note 32 for fiscal 2015 tie to the balance sheet? By how much has the total amount of the AF's "other provisions" increased or decreased during fiscal 2015? b. Prepare journal entries for the following changes in the litigation provision that occurred during fisca Page 768 2015, assuming any amounts recorded on the income statement are recorded as "provision expense." and capturing any use of provision is paid for in cash. In each case, provide a brief explanation of the event your journal entry is i. New provision ii. Use of provision c. Is AF's treatment of its litigation provision under IFRS similar to how it would be treated under U.S. GAAP? .Note 32.2 lists a number of contingent liabilities. Are amounts for those items recognized as a liability on AF's balance sheet? Explain. Air France-KLM Case 013-7 @ IFRS 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, 2015, are available in Connect. This material is also available under the Finance link at the company's website (www.airfranceklm.com) Required: 1. Read Notes 4.6 and 35. What do you think gave rise to total deferred income of 249 as of the end of fiscal 2015? Would transactions of this type be handled similarly under U.S. GAAP? 2. Is the threshold for recognizing a provision under IFRS different than it is under U.S. GAAP? Explain. . Note 32 lists "other provisions." a. Do the beginning and ending balances of total provisions and retirement benefits shown in Note 32 for fiscal 2015 tie to the balance sheet? By how much has the total amount of the AF's "other provisions" increased or decreased during fiscal 2015? b. Prepare journal entries for the following changes in the litigation provision that occurred during fisca Page 768 2015, assuming any amounts recorded on the income statement are recorded as "provision expense." and capturing any use of provision is paid for in cash. In each case, provide a brief explanation of the event your journal entry is i. New provision ii. Use of provision c. Is AF's treatment of its litigation provision under IFRS similar to how it would be treated under U.S. GAAP? .Note 32.2 lists a number of contingent liabilities. Are amounts for those items recognized as a liability on AF's balance sheet? Explain
