Question

Exhibit 4.1 presents the balance sheet of Hathway Atlantic Airways Limited (Hathway), a Hong Kong airline, for the



fiscal years ended December 31, Years 11 and 10. This balance sheet uses the terminology, format, and accounting methods of Hong Kong Financial Reporting Standards (HKFRS). Hathway reports results in millions of Hong Kong dollars (HKD). (Adapted from the financial statements of Cathay Pacific Airways Limited.)
a. Prepare a balance sheet for Hathway for each year, following the format and terminology commonly used by firms that apply U.S. GAAP.
b. Prepare a balance sheet for Hathway for each year, following the format and terminology commonly used by firms that applyIFRS.


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  • CreatedMarch 04, 2014
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