56  NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2011 Reference Title Summary Application date  of standard* Application date  for Group* AASB  2010-4 Further Amendments  to Australian  Accounting Standards  arising from the  Annual Improvements  Project [AASB 1, AASB  7, AASB 101, AASB 134  and Interpretation 13] Emphasises the interaction between quantitative and  qualitative AASB 7 disclosures and the nature and extent  of risks associated with financial instruments. Clarifies that an entity will present an analysis of other  comprehensive income for each component of equity,  either in the statement of changes in equity or in the  notes to the financial statements.  Provides guidance to illustrate how to apply disclosure  principles in AASB 134 for significant events and  transactions. Clarifies that when the fair value of award credits is  measured based on the value of the awards for which  they could be redeemed, the amount of discounts  or incentives otherwise granted to customers not  participating in the award credit scheme, is to be taken  into account. 1 January 2011 1 July 2011 AASB  2010-5 Amendments to  Australian Accounting  Standards [AASB 1, 3, 4, 5,  101, 107, 112, 118,  119, 121, 132, 133,  134, 137, 139, 140,  1023 & 1038 and  Interpretations 112,  115, 127, 132 & 1042] This Standard makes numerous editorial amendments  to a range of Australian Accounting Standards and  Interpretations, including amendments to reflect changes  made to the text of IFRS by the IASB. These amendments have no major impact on the  requirements of the amended pronouncements. 1 January 2011 1 July 2011 AASB  2010-6 Amendments to  Australian Accounting  Standards –  Disclosures on  Transfers of Financial  Assets [AASB 1 &  AASB 7] The amendments increase the disclosure requirements  for transactions involving transfers of financial assets.  Disclosures require enhancements to the existing  disclosures in IFRS 7 where an asset is transferred but  is not derecognised and introduce new disclosures for  assets that are derecognised but the entity continues to  have a continuing exposure to the asset after the sale. 1 July 2011 1 July 2011 AASB  2010-7 Amendments to  Australian Accounting  Standards arising  from AASB 9  (December 2010)  [AASB 1, 3, 4, 5,  7, 101, 102, 108,  112, 118, 120,  121, 127, 128, 131,  132, 136, 137, 139,  1023, & 1038 and  interpretations 2, 5,  10, 12, 19 & 127] The requirements for classifying and measuring financial  liabilities were added to AASB 9. The existing requirements  for the classification of financial liabilities and the ability  to use the fair value option have been retained. However,  where the fair value option is used for financial liabilities  the change in fair value is accounted for as follows: The change attributable to changes in credit risk are  presented in other comprehensive income (OCI) The remaining change is presented in profit or loss If this approach creates or enlarges an accounting  mismatch in the profit or loss, the effect of the changes in  credit risk are also presented in profit or loss. 1 January 2013 1 July 2013 AASB  2011-1 Amendments to  Australian Accounting  Standards arising  from the Trans-Tasman  Convergence project [AASB 1, AASB 5, AASB  101, AASB 107, AASB  108, AASB 121, AASB  128, AASB 132, AASB  134, Interpretation  2, Interpretation 112,  Interpretation 113] This Standard amendments many Australian Accounting  Standards, removing the disclosures which have been  relocated to AASB 1054. 1 July 2011 1 July 2011