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Air France prepares its financial statements according to IFRS. AF's anual report for the year...

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Accounting

Air France prepares its financial statements according to IFRS. AF's anual report for the year ended March 31, 2011, which includes financial statements and disclosure notes, is provided with all new textbooks. The material also is included in AF's "Registration Document 2010-11," dated June 15, 2011 and is available at www.airfranceklm.com.

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AF's inventories are valued at the lower of cost and net realizable value. How does this approach differ from U.S. GAAP

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