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

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.

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...