3. Significant accounting policies (continued):  DIVERSIFIED ROYALTY CORP .  Notes toConsolidatedFinancial Statements  (Unaudited)  (Expressed in Canadian dollars)  Year ended December 31, 2014  (n) Accounting standards and amendments adopted by DIV (continued): ( i ) Amendmentsto IAS 32- Offsetting Financial Assets and Financial Liabilities  (continued):  ( ii ) Amendments to IAS 36- Recoverable Amount Disclo sures for Non-Financial Assets:  ( iii ) IFRIC 21 - Levies:  (o) Accounting standards and amendments issued but not yet adopted: 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.  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. 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.  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.  14 