j)  Accounts Receivable k)  Intangible Assets l) Goodwill m)  Interests of Others in Consolidated Funds n)  Revenue Recognition i.  Asset Management ii.  Property Operations 92 BROOKFIELD ASSET MANAGEMENT  Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest  method, less any allowance for uncollectibility. Finite life intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses,  and are amortized on a straight-line basis over their estimated useful lives. Amortization is recorded within depreciation and  amortization in the Consolidated Statements of Operations. Certain of the company’s intangible assets have an indefinite life, as there is no foreseeable limit to the period over which the  asset is expected to generate cash flows. Indefinite life intangible assets are recorded at cost unless an impairment is identified  which requires a write-down to its recoverable amount.  Indefinite life intangible assets are evaluated for impairment annually or more often if events or circumstances indicate there  may be an impairment. Any impairment of the company’s indefinite life intangible assets is recorded in net income in the period  in which the impairment is identified. Impairment losses on intangible assets may be subsequently reversed in net income. Goodwill represents the excess of the price paid for the acquisition of an entity over the fair value of the net identifiable tangible  and intangible assets and liabilities acquired. Goodwill is allocated to the cash-generating unit to which it relates. The company  identifies cash-generating units as identifiable groups of assets that are largely independent of the cash inflows from other assets  or groups of assets. Goodwill is evaluated for impairment annually or more often if events or circumstances indicate there may be an impairment.  Impairment is determined for goodwill by assessing if the carrying value of a cash-generating unit, including the allocated  goodwill, exceeds its recoverable amount determined as the greater of the estimated fair value less costs to sell and the value in  use. Impairment losses recognized in respect of a cash-generating unit are first allocated to the carrying value of goodwill and  any excess is allocated to the carrying amount of assets in the cash-generating unit. Any goodwill impairment is recorded in  income in the period in which the impairment is identified. Impairment losses on goodwill are not subsequently reversed. On  disposal of a subsidiary, any attributable amount of goodwill is included in determination of the gain or loss on disposal. Interest of others in limited-life funds and redeemable fund units are classified as liabilities and recorded at fair value within  interests of others in consolidated funds on the Consolidated Balance Sheets. Changes in the fair value are recorded in net income  in the period of the change. Limited-life funds represent the interests of others in the company’s consolidated funds that have a defined maximum fixed life  where the company has an obligation to distribute the residual interests of the fund to fund partners based on their proportionate  share of the fund’s equity in the form of cash or other financial assets at cessation of the fund’s life.  Redeemable fund units represent interests of others in consolidated subsidiaries that have a redemption feature that requires the  company to deliver cash or other financial assets to the holders of the units upon receiving a redemption notice.  Asset management revenues consist of base management fees, advisory fees, incentive distributions, and performance-based  incentive fees which arise from the rendering of services. Revenues from base management fees, advisory fees, and incentive  distributions are recorded on an accrual basis based on the amounts receivable at the balance sheet date and are recorded within  total revenues and other gains in the Consolidated Statements of Operations. Revenues from performance-based incentive fees are recorded on the accrual basis based on the amount that would be due  under the incentive fee formula at the end of the measurement period established by the contract where it is no longer subject  to adjustment based on future events, and are recorded within total revenues and other gains in the Consolidated Statements of  Operations.  Property revenues primarily consist of rental revenues from leasing activities and hospitality revenues and interest and dividends  from unconsolidated real estate investments. Property rental income is recognized when the property is ready for its intended use. Office and retail properties are considered  to be ready for their intended use when the property is capable of operating in the manner intended by management, which  generally occurs upon completion of construction and receipt of all occupancy and other material permits. The company has retained substantially all of the risks and benefits of ownership of its investment properties and therefore  accounts for leases with its tenants as operating leases. Revenue recognition under a lease commences when the tenant has a right 