Air France-KLM (AF), a French company, prepares its financial statements according to International Financial Reporting Standards, AF's annual report for the year ended March 31, 2011, which includes financial statements and disclosure notes, is provided with all new textbooks. This material also is included in AF's "Registration Document 2010-11," dated June 15, 2011 and is available at www.airfranceklm.com.
1. What amounts did AF report for the following items for the 2011 fiscal year ended March 31, 2011?
a) Total revenues
b) Income from current operations
c) Net income (AF equity holders)
d) Total assets
e) Total equity
2. What was AF's basic earnings per share for the 2011 fiscal year?
3. Examine note 3.1.1 of AF's annual report. What accounting principles were used to prepare AF's financial statements? Under those accounting principles, could AF's financial information differ from that of a company that exactly followed IFRS as published by the IASB? Explain.