Access the financial statements of Airbus GroupNV for its year ended December 31, 2014 fromthe company's website at www.airbusgroup.com.Note 1 to its financial statements indicates thatAirbus Group's core business involves "the manufacturing of commercial aircraft, civil and military helicopters,commercial space launch vehicles, missiles, military aircraft,satellites, defence systems, defence electronics and the rendering of services related to these activities."

Instructions
(a) Review the Summary of Significant Accounting Policies(Note 2) to the financial statements and determinewhether the company reported any changes in accountingstandards. Identify and explain each change in accounting policy that the company implemented in 2014. If thechange was due to an amendment of the standards, provide the details of the effective date of the change. Classifyeach change as being one of the following:

1. A change in accounting policy mandated by a change ina primary source of GAAP
2. A voluntary change in accounting policy
3. A change in estimate(b) For each change reported above, explain whether thechange was retrospectively or prospectively applied. Whatwas the effect of each change on the financial statementsof Airbus Group in each year presented?

(c) The company also provides details for future accountingchanges. Identify these changes and describe the notedisclosure provided for these.