notes to the Consolidated Financial Statements (cont’d) 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 IFRS 10 – Consolidated Financial Statements and IFRS 12 – Disclosure of Interests in Other Entities IFRS 11 – Joint Arrangements IFRS 13 – Fair Value Measurement IAS 19 – Post-employment Benefits (Including Pensions) 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. 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.  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.  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.  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  69 AnnuAl RepoRt 2011