Air FranceKLM (AF), a Franco-Dutch company, prepares its financial statements according to International Financial Reporting Standards. AFs

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, 2017, are available in Connect. This material is also available under the Finance link at the company’s website (www.airfranceklm.com). 


Required: 

1. Locate Note 28.5 in AF’s financial statements. What items comprise “Reserves and retained earnings” as reported in the balance sheet? 

2. In its presentation of the components of the balance sheet, which is listed first, current assets or non-current assets? Does this approach differ from U.S. GAAP? 

3. In its presentation of the components of the balance sheet, which is listed first, current liabilities or noncurrent liabilities? Does this approach differ from U.S. GAAP? 

4. In its presentation of the components of the balance sheet, which is listed first, liabilities or shareholders’ equity? Does this approach differ from U.S. GAAP?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Intermediate Accounting

ISBN: 978-1260481952

10th edition

Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas

Question Posted: