Air France Transition to IFRS (20-F) - Determine the year in which Air France transitioned to IFRS by referring to the accounting policies note in the financial statements (usually the first note). An overview of IFRS adoption should be mentioned. Based on that information, answer the following: i. What was the first year the company adopted IFRS? ii. What was the date of transition, as defined in IFRS 1? iii. What was the previous GAAP that the company used before IFRS? iv. What exemptions did they utilize? v. Were there any special IFRS considerations?
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ii. The date of transition, as defined in IFRS 1, was 1 January 2014. iii. The previous GAAP that the company used before IFRS was US GAAP. iv. Air France utilized the following exemptions: - Going concern exemption - Impairment of assets and goodwill impairment Show more…
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