Brookfield Properties Corporation reported net income of $1,896 million for the year ended December 31, 2011, which is up 12.5% from the prior year. The company owns, develops, and manages North American office properties and its shares trade on both the New York and Toronto stock exchanges. The company takes pride in its strong financial position and in providing a foundation for growth. Obtain the Consolidated Balance Sheets for 2011 and 2008, which can be found on the company website or on Sedar (www.sedar.com).
Many companies in the real estate business choose not to use a classified balance sheet. For example, if you compare the 2008 balance sheet with the 2011 balance sheet of Brookfield Properties, you will notice that they previously did not use a classified balance sheet. Compare the two forms of balance sheet presentation and discuss the advantages and disadvantages of the classified balance sheet.