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