FORM 20-F/A Brookfield Property Partners L.P. - Brookfield Asset ...

NOTE 10: OTHER NON-CURRENT LIABILITIESThe components of other non-current liabilities are as follows:(US$ Millions) Mar. 31, 2012 Dec. 31, 2011Other secured debt $ 111 $ 150Other non-current financial liabilities 177 343$ 288 $ 493NOTE 11: INCOME TAXESThe sources of deferred income tax balances are as follows:(US$ Millions) Mar. 31, 2011 Dec. 31, 2011Non-capital losses (Canada) $ 74 $ 73Capital losses (Canada) 119 120Net operating losses (U.S.) 23 26Difference in basis (1,021) (947)Total net deferred tax liability $ (805) $ (728)The deferred tax balance movements are as follows:(US$ Millions) Recognized in ReclassifiedDec. 31, 2011 Income Equity Other OCI Mar. 31, 2012Deferred tax assets related to non-capital $ 219 $ (12) $ - $ - $ 9 $ - $ 216losses and capital lossesDeferred tax liabilities related to(947) (171) (7) 100 (9) 13 (1,021)difference in tax and book basis, netNet deferred tax liabilities $ (728) $ (183) $ (7) $ 100 $ - $ 13 $ (805)The major components of income tax expense include the following:(US$ Millions) Three months ended Mar. 31, 2012 2011Current income tax $ 56 $ 26Deferred income tax 183 45Income tax expense $ 239 $ 71The company’s effective tax rate is different from the company’s domestic statutory income tax rate due to thedifferences set out below:(US$ Millions) Three months ended Mar. 31, 2012 2011Statutory income tax rate 26% 28%Reduction in rate resulting from:Portion of income not subject to tax (14) (2)International operations subject to different tax rates 13 (13)Other - (1)Effective income tax rate 25% 12%NOTE 12: ACCOUNTS PAYABLE AND OTHER LIABILITIESThe components of accounts payable and other liabilities are as follows:(US$ Millions) Mar. 31, 2012 Dec. 31, 2011Accounts payable and accrued liabilities $ 1,065 $ 1,094Other secured debt 30 61Other liabilities 134 66$ 1,229 $ 1,221Accounts payable and accrued liabilities include derivative liabilities associated with the company’s derivativesand hedging activities of $255 million (2011 – $271 million).F-54