Refer to the specimen financial statements at the end of the book, which show excerpts from the 2014 year-end financial statements, including the accompanying notes, of Brookfield Asset Management Inc. The full financial statements are available on SEDAR. In the notes, the company refers to the adoption of new or revised accounting standards in the current year, and future changes in accounting standards—those new standards that have been issued but are not yet effective. The company also provides disclosure in Note 2 about areas in its accounting where significant judgement has to be exercised and where there is a significant degree of measurement uncertainty.

Instructions
(a) Review Note 2 of Brookfield Asset Management's financial statements. Indicate what accounting standard(s) have been adopted or changed by the company in the year, and explain when the new standard(s) were applied, how they were applied, and what the effect was on the financialstatements.
(b) Identify what new or revised standards have been issuedbut are not yet effective. What information does the company provide on these upcoming standards? If not yetapplied, do you think the standards identified might havea significant impact on future financial statements? Brieflyexplain.
(c) Identify the key judgements required by management inrelation to the financial statements, briefly explain theissues, and indicate what difference it would make if thejudgement exercised had resulted in a different decisionthan management made.
(d) Identify the areas in which critical estimates had to bemade by management in the preparation of the financialstatements. Are these significant to the company's operations? Discuss briefly by relating them to the business thatBrookfield Asset Management is engaged in.
(e) Briefly explain why accounting standards require theinformation identified in parts (c) and (d) to be disclosed.