Air France-KLM (AF), a Franco-Dutch company, prepares its financial statements according to International Financial Reporting Standards. AF's

Question:

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 provided in Connect. This material is also available under the Finance link at the company's website (www.airfranceklm.com).

Required:

1. Refer to AF's balance sheet and compare it to the balance sheet presentation in Illustration 2-14. What differences do you see in the format of the two balance sheets?

2. What differences do you see in the terminology used in the two balance sheets?

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... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...