Chain Eastern Airlines Corporation limited arranges a set of financial statements in accordance with IFRS. Until 2007 the company also gave a reconciliation of IFRS net income and net assets to US GAAP. Describe the difference between IFRS net income and US GAAP net income and IFRS net asset and US GAAP net asset that result from accounting differences related to revaluation of fixed assets. Evaluate the directional impact accounting difference described above would have on the subsequent ratios calculated under IFS and US GAAP. Current Ratio, debt to equity ratio, total asset ratio.