## NOTEs TO THE FINANCIAL sTATEMENTs 

FAIRFAx MEDIA LIMITED AND CONTROLLED ENTITIES FOR THE PERIOD ENDED 30 JUNE 2013 

## 1. sUMMARY OF sIGNIFICANT ACCOUNTING POLICIEs (CONTINUED) 

## (iV) deFined BeneFiT PlAnS 

Various actuarial assumptions are required when determining the Group’s superannuation plan obligations. 

These assumptions and the related carrying amounts are discussed in Note 21. 

## (V) ReSTRuCTuRinG And RedundAnCy PRoViSion 

A provision for restructuring and redundancy has been disclosed in Note 20 as a result of the Group having a constructive obligation and a detailed formal plan for restructuring. 

## (Y) ROUNDING OF AMOUNTS 

The consolidated entity is of a kind referred to in Class Order 98/0100, as amended by Class Order 04/667, issued by the Australian Securities and Investments Commission relating to the “rounding off” of amounts in the financial report. 

Amounts in this report have been rounded to the nearest thousand dollars in accordance with that Class Order, unless otherwise indicated. 

## (Z) NEW ACCOUNTING STANDARDS AND URGENT ISSUES GROUP(UIG) INTERPRETATIONS 

## (i) CHAnGeS in ACCounTinG PoliCy And diSCloSuRe 

As of 25 June 2012, the Group has adopted AASB 2011-9 Amendments to Australian Accounting Standards – AASB 101 Presentation of Items of Other Comprehensive Income. The adoption resulted in a disclosure change in the Statement of Comprehensive Income. 

## (ii) ACCounTinG STAndARdS And inTeRPReTATionS iSSued BuT noT yeT eFFeCTiVe 

Certain new accounting standards and interpretations have been published that are not mandatory for 30 June 2013 reporting periods. The Group’s assessment of the impact of these new standards and interpretations is as follows: 

• AASB 10 Consolidated Financial Statements (applicable to the Group from 1 July 2013) This standard broadens the situations where an entity is likely to be considered to control another entity and includes new guidance for determining control of an entity. Based on investments held at 30 June 2013 there will be no impact on the Group. 

• AASB 11 Joint Arrangements (applicable to the Group from 1 July 2013) This standard uses the principle of control in AASB 10 to define joint control and removes the option to choose to account for jointly controlled entities using the proportionate consolidation method or the equity method. This standard will have no impact on the Group. 

• AASB 12 Disclosure of Interests in Other Entities (applicable to the Group from 1 July 2013) The standard introduces new disclosures about the judgements made by management to determine whether control exists, and to require summarised information about joint arrangements, associates and structured entities and subsidiaries with non-controlling interests. This standard is not expected to have a significant impact on the Group. 

• AASB 13 Fair Value Measurement (applicable to the Group from 1 July 2013) The standard establishes a single source of guidance for determining the fair value of assets and liabilities. This standard is not expected to have a significant impact on the Group. 

• AASB 119 Employee Benefits (applicable to the Group from 1 July 2013) This amendment revises the accounting for defined benefit plans and changes the definition of short-term employee benefits. The Group has yet to fully assess the prior year impact of this amendment. 

• AASB 2011-4 Amendments to Australian Accounting Standards to Remove Individual Key Management Personnel Disclosure Requirements [AASB 124] (applicable to the Group from 1 July 2013) This amendment deletes from AASB 124 individual key management personnel (KMP) disclosure requirements for disclosing entities that are not companies. It also removes the individual KMP disclosure requirements for all disclosing entities in relation to equity holdings, loans and other related party transactions. This amendment is not expected to have a significant impact on the Group. 

• AASB 2012-2 Amendments to Australian Accounting Standards – Disclosures – Offsetting Financial Assets and Financial Liabilities [AASB 7 and AASB 132] (applicable to the Group from 1 July 2013) This amendment requires disclosure of the effect or potential effect of netting arrangements. This amendment will have no impact on the Group. 

The Group has yet to fully assess the impact the following accounting standards and amendments to accounting standards will have on the financial statements, when applied in future periods: 

• AASB 2012-3 Amendments to Australian Accounting Standards – Offsetting Financial Assets and Financial Liabilities [AASB 132] (applicable to the Group from 30 June 2014); and 

• AASB 9 Financial Instruments (applicable to the Group from 29 June 2015). 

