## 3. Significant accounting policies (continued): 

(n) Accounting standards and amendments adopted by DIV (continued): 

( i ) Amendmentsto IAS 32- Offsetting Financial Assets and Financial Liabilities  (continued): 

The amendments to IAS 32 also clarify when a settlement mechanism provides for net settlement or gross settlement that is equivalent to net settlement. The Company adopted the amendments to IAS 32 in its financial statements for the period beginning January 1, 2014. The adoption of this standard did not have any effect on the finan cial statements. 

( ii ) Amendments to IAS 36- Recoverable Amount Disclo sures for Non-Financial Assets: 

The IASB has issued amendments to reverse the unintended requirement s in IFRS 13, Fair Value Measurement, to disclose the recoverable amount of every cash -generating unit to which significant goodwill or indefinite -lived intangible assets have been allocated. Under the amendments, recoverable amount is required to be disclosed only when an impairment loss has been recognized or reversed.The adoption of this standard did not have any effect on the financial statements. 

( iii ) IFRIC 21 - Levies: 

IFRIC 21 provides an interpretation on IAS 37, Provisions, Contingent Liabilities and Contingent Assets, with respect to the accounting fo r levies imposed by governments. IAS 37 sets out criteria for the recognition of a liability, one of which is the requirement for the entity to have a present obligation as a result of a past event. The interpretation clarifies that the obliging event is the activity described in th e relevant legislation that triggers the payment of the levy.The adoption of this standard did not have any effect on the financial statements. 

(o) Accounting standards and amendments issued but not yet adopted: 

Unless otherwise noted, the followingrevised standards and amendments are effective for annual periods beginning on or after January 1, 2015 with earlier adoption permitted. The Company has not yet assessed the impact of these standards and amendments or determined whether they will be adopt ed early. 

