## 3. Summary of Significant Accounting Policies (Continued) 

(o) Standards, amendments and interpretations affecting the 2013 and future year-ends (Continued) 

ii. IFRS 10, “Consolidated Financial Statements”, establishes principles for the presentation and preparation of consolidated financial statements when an entity controls one or more other entities. The standard builds on the existing principles of "control” by identifying the concept of control as the determining factor in whether an entity should be included within the consolidated financial statements of the parent company. The standard is effective for annual periods beginning on or after January 1, 2013. There will be no significant impact to the Company upon implementation of the issued standard. 

iii. IFRS 11, “Joint Arrangements”, provides for a more realistic reflection of joint arrangements by focusing on the rights and obligations of the arrangement, rather than its legal form (as is currently the case). The standard addresses inconsistencies in the reporting of joint arrangements by requiring a single method to account for interests in jointly controlled entities. The standard is effective for annual periods beginning on or after January 1, 2013. 

iv. IFRS 12, “Disclosure of Interests in Other Entities”, is a new and comprehensive standard on disclosure requirements for all forms of interests in other entities, including subsidiaries, joint arrangements, associates and unconsolidated structured entities. The standard is effective for annual periods beginning on or after January 1, 2013. There will be no significant impact to the Company upon implementation of the issued standard. 

v. IFRS 13, “Fair Value Measurement”, is a new comprehensive standard on measuring and disclosing fair value and will supersede all other fair value guidance in IFRS. The standard is effective for annual periods beginning on or after January 1, 2013. 

vi. IAS 1, “Presentation of Financial Statements”, is amended to revise the way other comprehensive income is presented. The amendments preserve the amendments made to IAS 1 in 2007 to require profit or loss and other comprehensive income to be presented together. The amendments require entities to group items presented in other comprehensive income based on whether they are potentially reclassifiable to profit or loss subsequently. The amendments also require tax associated with items presented before tax to be shown separately for each of the two groups of other comprehensive income items. 

vii. IAS 27, “Separate Financial Statements”, is amended to deal with the requirements for separate financial statements, which have been carried over largely unamended from IAS 27, “Consolidated and Separate Financial Statements”. Requirements for consolidated financial statements are now contained in IFRS 10, “Consolidated Financial Statements”. This standard is effective for annual periods beginning on or after January 1, 2013. There will be no significant impact to the Company upon implementation of the issued standard. 

viii. IAS 28, “Investments in Associates and Joint Ventures”, is amended to prescribe the accounting for investments in associates and sets out the requirements for the application of the equity method when accounting for investments in associates and joint ventures. The standard defines “significant influence” and provides guidance on how the equity method of accounting is to be applied (including exemptions from applying the equity method in some cases). It also prescribes how investments in associates and joint ventures should be tested for impairment. This standard is effective for annual periods beginning on or after January 1, 2013. There will be no significant impact to the Company upon implementation of the issued standard. 

ix. IAS 32, “Financial Instruments: Presentation”, is amended to clarify certain aspects because of diversity in application of the requirements on offsetting, focused on four main areas: 1) the meaning of “currently as a legally enforceable right of set-off”, 2) the application of simultaneous realization and settlement, 3) the offsetting of collateral amounts, and 4) the unit of account for applying the offsetting requirements. 

