British Airways Plc BA a U K company prepares its financial 181019
British Airways, Plc. (BA), a U.K. company, prepares its financial statements according to International Financial Reporting Standards. BA's annual report for the year ended March 31, 2009, which includes financial statements and disclosure notes, is included with all new textbooks and can be found at www.britishairways.com. When answering questions, focus on BA's “Group” financial information (which is equivalent to “Consolidated” under U.S. GAAP).

Required:
1. British Airways lists four items in the shareholders' equity section of its balance sheet. If British Airways used U.S. GAAP, what would be the likely account titles for the first three of those components?
2. Locate Note 35 in BA's financial statements. What three items comprise “Other reserves” as reported in the balance sheet? If British Airways used U.S. GAAP, what would be the likely account titles for the three items?
3. Describe the apparent differences in the order of presentation of the components of liabilities and shareholders' equity between IFRS as applied by BA and a typical balance sheet prepared in accordance with U.S. GAAP.

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