## 2. BASIS OF PRESENTATION  (Continued) 

## c) Adoption of New and Revised Standards and Interpretation s  (Continued) 

## (iv) IFRS 9 Financial Instruments  (2010) 

This is a revised version of IFRS 9 incorporating revised requirements for the classification and measurement of financial liabilities, and carrying over the existing de -recognition requirements from IAS 39 Financial Instruments: Recognition and Measurement . 

The revised financial liability provisions maintain the existing amortized cost measurement basis for most liabilities. New requirements apply where an entity chooses to measure a liability at fair value through profit or loss ; in these cases, the portion of th e change in fair value related to changes in the entity's own credit risk is presented in other comprehensive income rather than within profit or loss. 

Applies to annual periods beginning on or after January  1, 2015. This standard supersedes IFRS 9 (2009). However, for annual reporting periods beginning before January  1, 2015, an entity may early-adopt IFRS 9 (2009) instead of applying this standard. 

## (v) IFRS 10 Consolidated Financial Statements 

Requires a parent to present consolidated financial statements as those of a single economic entity, replacing the requirements previously contained in IAS 27 Consolidated and Separate Financial Statements  and SIC-12 Consolidation- Special Purpose Entities . 

The standard identifies the principles of control, determines how to identify whether an investor controls an investee and therefore must consolidate the investee, and sets out the principles for the preparation of consolidated financial statements. 

The standard introduces a single consolidation model forall entities based on control, irrespective of the nature of the investee (i.e., whether an entity is controlled through voting rights of investors or through other contractual arrangements as is common in “special purpose entities”). Under IFRS 10, control is based on whether an investor has power over the investee, exposure, or rights, to variable returns from its involvement with the investee, and the ability to use its power over the investee to affect the amount of the returns. 

Applicable to annual reporting periods beginning on or after January  1, 2013. If early-adopted, must be adopted together with IFRS 11, IFRS 12, IAS 27 (2011) and IAS 28 (2011). 

