Locate and review Brookfield Asset Management's financial statements, including selected notes to its financial statements for the year ended December 31, 2014, located at the end of Volume 2 of this text. Alternatively, the full set of its annual financial statements can be found on SEDAR at www.sedar.com.

Paragraph 1 of IFRS 7 Financial Instruments: Disclosures indicates that the objective of this IFRS is to provide information to enable users to evaluate:

(i) The significance of financial instruments to an entity's financial position and financial performance, and
(ii) The nature and extent of the financial risks the entity is exposed to that are associated with its financial instruments, both during the fiscal period and at the end of the period; and how these risks are managed.

Instructions
(a) Review and identify the major disclosures provided by Brookfield about the fair values of its financial instruments.
(b) Using the information reported in the sources identified in part (a), comment on the reliability (of measurement) and significance of Brookfield's financial instruments to its financial position.
(c) Using the information provided in the notes to the financial statements, comment on the reliability and significance of financial instruments to the company's financial performance.
(d) Identify the disclosures provided by Brookfield about the financial risks to which the company is exposed that are associated with its financial instruments, and explain how the company manages these risks.
(e) Identify which derivatives are designated as cash flow hedges and which are designated as fair value hedges for 2014. Explain why the hedges have been designated as cash flow or fair value.
(f) Related to the derivatives and hedging activities, what amount was recognized in other comprehensive income in 2014, and what amount remains in accumulated other comprehensive income at the end of the fiscal year? Can you determine the related amount that was transferred from accumulated other comprehensive income to earnings during the year? Explain your answer.