Access the financial statements of Brookfield Asset Management Inc. for the company's year ended December 31, 2014. These are included at the end of the book. Review the information that is provided and answer the following questions about the company.
Instructions
(a) What business is Brookfield Asset Management in? Identify the types of tangible capital assets the company includes on its balance sheet. (Hint: See Notes 1 and 2 to the financial statements.)
(b) Indicate what accounting model is used to measure and report each type of tangible capital asset identified in part (a).
(c) Review the company's Statement of Operations, Statement of Comprehensive Income, and relevant notes to the financial statements to identify the effect on net income and on other comprehensive income of each accounting model used for its tangible capital assets.
(d) For the assets identified in part (b) that were measured using fair values, explain how the company determined their fair values; that is, what methods were used and what type of key assumptions were required.