Air France KLM AF a French company prepares its financial statements
Air France–KLM (AF), a French company, prepares its financial statements according to International Financial Reporting Standards. AF’s annual report for the year ended March 31, 2011, which includes financial statements and disclosure notes, is provided with all new textbooks. This material also is included in AF’s “Registration
Document 2010–11,” dated June 15, 2011 and is available at
1. How does AF classify operating expenses in its income statement? How are these expenses typically classified in a U.S. company income statement?
2. 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 U.S. GAAP?

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