Brookfield Asset Management Inc. (Brookfield), as described in Note 1 to its financial statements, is a "global alternative asset management company" that "owns and operates assets with a focus on property, renewable energy, infrastructure and private equity." Brookfield's financial statements for its annual period ended December 31, 2014, are at the end of this book.
Instructions
(a) How much inventory does Brookfield have at December 31, 2014, and at December 31, 2013? Identify the types of inventory that the company reports on its December 31, 2014 balance sheet. What do you know about these assets, since they are included in the inventory category?
(b) How much inventory was recognized as an expense in the year? What comments, if any, can you make about the inventory held at the end of the reporting period?
(c) Describe the accounting policies for inventory. Is there any additional information you would like to know?