RLG203Y1 Lecture : Jan 11

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olivesnake409

4 Apr 2012

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1825?) france had to be included if there was ever going to be peace families that had held power before the balance of power - has to be a mechanism to keep peace. Everything had changed and that had to be recognized. Had to be a europe wide agreement to keep the eace. Only way to do that was to balance the power. Not punish france or any of france"s allies. He wasn"t smart but he realized this. White terror - mostly in the countryside. Congress of v started the careers of many people - kissinger. Alexander 1st of russia was part of the congress. Talleyrand - congress of v - very successful servant of napoleon. Congress vienna was not interested in turning the clock back (especially to something that was stupid) feudalism was not restored. Church to play a different kind of role.

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Read the 2015 annual report of Air France â KLM and answer the 20 questions asked regarding the accounting issues. Link is provided below:

http://www.airfranceklm.com/sites/default/files/publications/afkl_registration_doc_2015.pdf

1. Air France-KLM reports âConsolidated statement of recognized income and expensesâ for the year ended December 31, 2015. If this statement was a U.S. GAAP statement, what would be the title of this statement?

a. Consolidated statement of total net income

b. Consolidated statement of other comprehensive income

c. Consolidated statement of comprehensive income

d. Consolidated statement of recognized net income

2. What method does Air France-KLM use for the Statement of Cash Flows?

a. Indirect method

b. Direct method

c. Gross method

d. Net method

3. The basic and diluted earnings per share for the year ended December 31, 2015, indicates that Air France-KLM has:

a. no convertible debts.

b. some dilutive securities.

c. no preferred stocks.

d. some treasury stocks.

4. What method is used to account for investments in companies over which Air France-KLM can âexercise significant influence on financial and operating policy decisions?â

a. Cost method

b. Liability method

c. Equity method

d. Fair value method

5. Sale of passenger tickets is accounted for at the time of ticket sale as:

a. Sales revenue

b. Deferred revenue

c. Contingent asset

d. No recognition

6. How does Air France account for business combination costs other than those related to the issuance of debt or equity securities?

a. Expensed as incurred

b. Capitalized as incurred

c. Included in goodwill

d. Used to offset fair value of the acquisition

7. Which of the following is not an âaccumulated other comprehensive incomeâ item among those reported in the âreserves and retained earningsâ in the 2015 consolidated balance sheet of Air France-KLM?

a. Available for sale securities reserves.

b. Derivatives reserves.

c. Legal reserves.

d. Pension defined benefits reserves.

8. What is the carrying amount of investments in debt and equity securities that are classified as available-for-sale?

a. Fair value Cost

b. Amortized cost

c. Lower of cost or market

9. Inventories are carried at:

a. The lower of the first-in-first-out cost or net realizable value.

b. The first-in-first-out cost.

c. The lower of the weighted-average cost or net realizable value.

d. The weighted-average cost.

10. Air France-KLM classifies its frequent flyer programs as:

a. Noncurrent liability

b. Current liability

c. Current asset

d. Other debt

11. The followings are included in Air France-KLMâs intangible assets, except for:

a. Trademarks

b. Leased aircraft

c. Customer relationships

d. Slots for takeoff and landing

12. Air France-KLM reports bank overdrafts as:

a. A contra account to cash and cash equivalents.

b. A current liability.

c. An expense.

d. A bank deposits in transit.

13. Which method does Air France-KLM use to record depreciation expense for its flight equipment?

a. The activity-based method.

b. The sum-of-yearsâ-digit method.

c. The straight-line method.

d. The group method.

14. Which accounting standards does Air France-KLM use?

a. U.S. GAAP

b. French GAAP

c. Netherlands GAAP

d. International Financial Reporting Standards

15. As of December 31, 2015, what assets are held for sale?

a. Land

b. Aircraft

c. Equipment

d. Buildings

16. Which of the following is included in âincome from operating activitiesâ but not in âincome from current operations?

a. Sale of aircraft equipment

b. Research and development costs

c. Bad debt expense

d. Interest revenue

17. Which of the following is not true about accounting treatment for the overhaul cost of major airframe and engine?

a. The cost is treated as separate asset component.

b. The cost is capitalized.

c. The cost is depreciated over the remaining useful life.

d. The cost is expensed as incurred.

18. How are financial assets accounted for if the Air France-KLM intends to sell them in the near future to realize capital gains?

a. At fair value with fair value changes recognized in the current period profit and loss

b. At fair value with fair value changes recognized as other comprehensive income

c. At cost with no recognition of fair value changes

d. At amortized cost with no recognition of fair value changes

19. Which of the following is not true about impairment test?

a. Tangible fixed assets, intangible assets, goodwill, and other assets with indefinite useful life are subject to an impairment test.

b. The impairment test is done at least once a year.

c. Recoverable value is the lower of the net realizable value and value in use.

d. The value in use is determined according to the discounted future cash flow method.

20. Which of the following is not an âother non-current income and expensesâ item?

a. Restructuring costs

b. Gains and losses on disposal of shares available for sale

c. Gains and losses on disposal of subsidiaries and affiliates

d. Gains and losses on sale of trading securities

ead The Economist's articles, "Obama to raise trade talk concerns with Merkel."

Do you think the reduction or elimination of tariffs and notariff barriers between the U.S. and the EU through the Trans-Atlantic Trade and Investment Partnership will increase demand for U.S. goods and services in Europe and make european goods and services cheaper for Americans? In the face of a global recession is it wise for nations to begin raising tariffs and increasing subsidies to domestic producers? Why or why not?

Each student replies to instructorâs initial discussion question with a substantive post (minimum 250 words). Your initial post as well as a response to two other classmates initial discussion question should be done by 11:59 PM Central Standard Time (CST) - Sunday evening.

February 9, 2015 3:05 am

Obama to raise trade talk concerns with

Merke

Shawn Donnan, World Trade Editor

Â©AFP

US President Barack Obama is expected to raise concerns about the pace of

trans

Atlantic trade

talks with Angela Merkel when the German chancellor visits Washington on Monday with US

officials fretting that supposedly reinvigorated negotiations are instead getting off to a false start.

Following the November appointment of Cecil

ia Malmstrom, the new European trade

commissioner, both sides pledged a âfresh startâ to talks over a

Trans

Atlantic Trade and

Investment Partnership

, or TTIP, that had been crawling along since beginning in July 2013.

But a senior US official told the Financial Times that Washington was disappointed with the

progress made in last weekâs round of formal negotiations, the first since the re

launch, and had

decided to press

its case with Ms Merkel on Monday and in European capitals in the coming

weeks.

That frustration was partly in evidence in Brussels last week. âThis weekâs round was

constructive, but we do need to see more, further concrete progress ... if we are to turn

this fresh

start into a reality,â the chief US negotiator, Dan Mullaney, told reporters on Friday as the

discussions wrapped up.

The US has in recent months been pressing the European Union to agree to exchange new offers

on the number of tariff

free goods

. Many see this as the easier part of the negotiations compared

with the more complex question of easing regulatory barriers to trade across the Atlantic.

Last year the US offered to eliminate tariffs on 88 per cent of goods traded between the two

economie

s, significantly lower than the 96 per cent put forward by the EU. But since then US

officials have been trying to improve their offer while also extracting more from the EU.

Liberalisation of services is another bone of contention for Washington, which is

irked that the

EU has refused to offer a similar package to that negotiated with Canada in a recently concluded

trade agreement.

The decision to raise the issue with Ms Merkel did not reflect any conflict between the German

chancellor and Mr Obama over TT

IP, the official said. Washington remains convinced she

supports the trans

Atlantic talks, in spite of

scepticism

among many Germans.

The concerns were instead focused on EU officials and the European Commission, the senior US

official said, and whether officials in Brussels were meeting their leadersâ desire for

more rapid

progress

. David Cameron, the UKâs prime minister, last year called for ârocket boostersâ to be

placed und

er the talks.

Two senior EU trade officials on Sunday dismissed the US concerns as âspinâ and told the FT

that they hoped to exchange new tariffs and services offers by July.

The EU officials also said that there had been progress in discussions over the i

nclusion of

financial services regulation in TTIP, something the US side has resisted in part because of fears

that it might water down the strict Dodd

Franck regulations introduced in the wake of the 2008

crisis.

But the disagreement highlights how tensio

ns remain between both sides despite efforts to make

a fresh start.

European officials have also privately raised concerns that Mr Obamaâs administration is more

focused on sealing a 12

country Pacific Rim trade agreement now nearing conclusion, the Trans

Pacific Partnership, or TPP, than the trans

Atlantic one.

Speaking at a security conference in Munich on Saturday, Vice President Joe Biden sought to

placate the EU. âTTIP is not the stepchild to TPP,â the vice president

said

âWe have not taken our focus off of Europe. We have not decide

d that the future lies in the

Pacific Basin. We are a Pacific power. We will assert that power, and we will remain a Pacific

power. But we are also an Atlantic power.â

Learn more about Social Security and Medicare reform (to improve financial strength of the programs) or solvency through Internet exploration. Find an article or resource related to one of these topics. Attach the article and write a brief summary (300-400 words) of what you found. A summary of the artice

Social Security Reform âTriggerâ Buried in GOP Budget Resolution Says The Senior Citizens League August 10, 2017 (Washington, DC) â The House fiscal year 2018 budget resolution includes instructions for creating an unusual Social Security âreform triggerâ and sets up an expedited path for ensuing legislation, says The Senior Citizens League (TSCL). âThe budget resolution instructions are written in such a way that lawmakers and President Trump would almost certainly be required to take up Social Security reform within the next 12 months,â says TSCL Social Security policy analyst Mary Johnson. https://www.ssa.gov/oact/TR/2017/index.html While budget resolutions donât have the force of law, the agreements set out the U.S. fiscal year budget and serve as a blueprint for subsequent legislation. The House resolution also includes reconciliation instructions for the GOPâs tax reform plan, but the resolution has been stalled due to disagreements over mandatory spending that includes Social Security, Medicare, and Medicaid among others. Under the proposed House budget resolution, a Social Security âreform triggerâ would be pulled in any year the Social Security Trustees determine the 75-year actuarial balance of the Social Security Trust Fund is in deficit. The resolution would also put any legislation on an expedited schedule for passage. âUsing that criterion, the Social Security reform trigger has already been pulled,â Johnson notes. In their latest report, the Social Security Trustees say the combined retirement, survivors, and disability Trust Funds will exceed total income by increasing amounts starting in 2022 and will be depleted in 2034, well within the 75-year period called for in the budget resolution. Once the Social Security reform trigger has been pulled, the House budget resolution stipulates that the Trustees would have until September 30th of the same calendar year to submit recommendations for the changes necessary to achieve a positive 75-year balance to the President. The resolution would then require the President to submit legislation to Congress within 60 days of receiving the Trusteesâ recommendations. President Trump promised repeatedly on the campaign trail not to touch Social Security. âMedicare is also in the cross - hairs for massive changes,â Johnson says. The budget resolution stipulates major changes that would focus Medicare on a system of private insurers, and provide beneficiaries with premium subsidies to shop for their own health insurance. A Congressional Budget Office report has found that similar proposals in the past would shift a growing portion of costs to older Americans. In that 2013 report, the CBO estimated that Medicare beneficiariesâ premiums would be about 30 percent higher by 2020 than under current law. âLike health care legislation to repeal and replace Obamacare, Social Security and Medicare reform proposals could become the center of a nasty political tug-of-war,â Johnson says. TSCL works to protect retirement security and to promote better adequacy of both Social Security and Medicare benefits. To learn more, visit www.SeniorsLeague.org.

RLG203Y1 Lecture : Jan 11

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