## 3. Significant accounting policies (continued): 

disposed of such that control, significant influence or joint control is lost, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit or loss as a part of the gain or loss on disposal. 

When the settlement of a monetary item receivable from or payable to a foreign operation is neither planned nor likely in the foreseeable future, foreign currency gains and losses arising from such items are considered to form part of a net investment in the foreign operation and are recognized in other comprehensive income, and presented in the translation reserve in equity. 

## (n) New standards and interpretations not adopted 

A number of new standards, amendments to standards and interpretations are effective for annual periods beginning after January 1, 2011, and have not been applied in preparing these consolidated financial statements. None of these is expected to have a significant effect on the consolidated financial statements of the Corporation, except for IFRS 9, Financial Instruments, which becomes mandatory for the Corporation’s 2013 consolidated financial statements and could change the classification and measurement of financial assets. The Corporation does not plan to adopt this standard early and the extent of the impact has not been determined. 

## 4. Financial risk management 

## Overview 

The Corporation has exposure to the following risks from its use of financial instruments: 

GLYPH<g120> credit risk and other price risk 

GLYPH<g120> liquidity risk 

GLYPH<g120> market risk 

GLYPH<g120> foreign exchange risk 

This note presents information about the Corporation’s exposure to each of the above risks, the group’s objectives, policies and processes for measuring and managing risk, and the Group’s management of capital. Further quantitative disclosures are included throughout these consolidated financial statements. 

## Risk Management Framework 

The Board of Directors has overall responsibility for the establishment and oversight of the Corporation’s risk management framework. The Board has established the Risk Management Committee, which is responsible for developing and monitoring the Group’s risk management policies. The committee reports regularly to the Board of Directors on its activities. 

