Use the annual reports of Brookfield Asset Management Inc. for the year ended December 31, 2011, and Mainstteet Equity Corp. for the year ended September 30, 2011, to answer the following questions. These reports are available on SEDAR ('www.sedar.com) or the companies' websites.
Instructions
(a) 'What type of income statement format(s) do these two companies use? Identify any differences in income statement format between the two companies. Are the income statements presented by function or by nature?
(b) Look at the Management Discussion and Analysis and the annual report in general. 'What business are both companies in?
(c) 'What are the main sources of revenues for both companies? Are these increasing or decreasing?
(d) Is the nature of each business reflected in its balance sheet?
(e) What types of items are included in the other comprehensive income for each company?