Company’s transition date to minimize future changes in disclosures. The impact of early adoption was minimal compared to the existing requirements under IFRS. The Company will quantify the impact on the Company of the adoption of future phases when they are issued. 

(ii) In addition to the new standard that the Company adopted above, effective January 3, 2010, the IASB and the IFRS Interpretations Committee (IFRIC) have issued additional standards and interpretations with an effective date after the date of these financial statements. Set out below are only the standards deemed applicable to the Company, which the Company intends to adopt when they become mandatorily effective: 

## IAS 12 Income Taxes – Recovery of Underlying Assets 

The amendment introduces the requirement to calculate deferred tax on non-depreciable assets that are measured using the revaluation model in IAS 16, to always be measured on a sale basis of the asset. The amendment becomes effective for annual periods beginning on or after January 1, 2012. 

## IFRS 7 Financial Instruments: Disclosures – Enhanced De-recognition Disclosure Requirements 

The amendment requires additional disclosure about financial assets that have been transferred but not derecognized to enable the user of the Company’s financial statements to understand the relationship with those assets that have not been derecognized and their associated liabilities. In addition, the amendment requires disclosures about continuing involvement in derecognized assets to enable the user to evaluate the nature of, and risks associated with, the entity’s continuing involvement in those derecognized assets. The amendment became effective for annual periods beginning on or after July 1, 2011, and was mandatorily effective for the Company January 1, 2012. The amendment affects disclosure only and the Company expects there to be no impact on the Company’s financial position or performance. 

## IFRS 10 – Consolidated Financial Statements and IFRS 12 – Disclosure of Interests in Other Entities 

In May 2011, the IASB issued IFRS 10 and IFRS 12 establishing principles for identifying when an entity controls other entities and comprehensive disclosure requirements for all forms of interests in other entities, including joint arrangements, associates and special purpose vehicles. IFRS 10 will replace IAS 27 “Consolidated and Separate Financial Statements” and SIC-12 “Consolidation – Special Purpose Entities” and provides a single model for consolidation based on control, which exists when an investor is exposed or has the right to variable returns from its involvement with the investee and has the current ability to affect those returns through its power over the investee. The standard also provides guidance on how to evaluate power and requires that control is assessed as facts and circumstances change. IFRS 12 includes disclosure requirements about subsidiaries, joint ventures and associates, replacing existing requirements. Additional disclosures include judgments and assumptions made in determining how to classify involvement with another entity, interests that non-controlling interests have in the consolidated entities, and the nature and risks associated with interests in other entities. These standards are effective for annual periods beginning on or after January 1, 2013 with early adoption permitted. The Company has not identified any impact on the Company’s current reporting structure resulting from the release of these two new standards. 

## IFRS 11 – Joint Arrangements 

In May 2011, the IASB issued IFRS 11 Joint Arrangements. This new standard replaces IAS 31 – Interests in Joint Ventures. “Joint Arrangements” applies when accounting for interests where there is joint control. Joint ventures would be classified either as joint operations or joint ventures, and the structure of the arrangement would no longer be the most significant factor when determining this classification. In addition, the standard removes the option to proportionately consolidate a joint venture, and requires instead the use of the equity method of accounting. On transition to IFRS the Company chose to apply the option available in the existing standard to account for its investment in a joint venture using the equity method and as a result, the release of IFRS 11 has no impact on the Company outside of documentation and disclosure requirements. This new standard is mandatorily effective for the Company’s fiscal year end beginning January 1, 2013, with earlier adoption permitted. 

## IFRS 13 – Fair Value Measurement 

In May 2011, the IASB released IFRS 13, providing a single source of fair value measurement and disclosure requirements in IFRS. IFRS 13 will be effective for the Company December 30, 2012, the first day of fiscal 2013, with earlier adoption permitted. IFRS 13 defines fair value, sets out a single IFRS framework for measuring fair value and requires additional disclosures about fair value measurements. With respect to the Company’s current financial instruments, we do not anticipate any impact on financial reporting resulting from the adoption of IFRS 13, the significant changes in IFRS 13 relate to items that fall within level 3 of the fair value measurement hierarchy, which, the Company currently does not have. 

## IAS 19 – Post-employment Benefits (Including Pensions) 

In June 2011, the IASB issued an amended version of IAS 19, which includes, among other changes, the immediate recognition of the re-measurement component in other comprehensive income, thereby removing the accounting option previously available in IAS 19 to recognize or to defer recognition of changes in defined benefit obligations and in the fair value of plan assets directly in the 

