disposed of such that control, significant influence or joint control is lost, the cumulative amount in  the translation reserve related to that foreign operation is reclassified to profit or loss as a part of the  gain or loss on disposal.  When the settlement of a monetary item receivable from or payable to a foreign operation is neither  planned nor likely in the foreseeable future, foreign currency gains and losses arising from such items  are considered to form part of a net investment in the foreign operation and are recognized in other  comprehensive income, and presented in the translation reserve in equity.  A number of new standards, amendments to standards and interpretations are effective for annual  periods beginning after January 1, 2011, and have not been applied in preparing these consolidated  financial statements. None of these is expected to have a significant effect on the consolidated  financial statements of the Corporation, except for IFRS 9, Financial Instruments, which becomes  mandatory for the Corporation’s 2013 consolidated financial statements and could change the  classification and measurement of financial assets. The Corporation does not plan to adopt this  standard early and the extent of the impact has not been determined.  The Corporation has exposure to the following risks from its use of financial instruments:  This note presents information about the Corporation’s exposure to each of the above risks, the  group’s objectives, policies and processes for measuring and managing risk, and the Group’s  management of capital. Further quantitative disclosures are included throughout these consolidated  financial statements.  The Board of Directors has overall responsibility for the establishment and oversight of the  Corporation’s risk management framework. The Board has established the Risk Management  Committee, which is responsible for developing and monitoring the Group’s risk management  policies. The committee reports regularly to the Board of Directors on its activities.  30  2011 Annual Report  Alaris Royalty Corp. Risk Management Framework  4. Financial risk management Overview  (n) New standards and interpretations not adopted  3. Significant accounting policies (continued):  GLYPH<g120> credit risk and other price risk  GLYPH<g120> liquidity risk  GLYPH<g120> market risk  GLYPH<g120> foreign exchange risk  Notes to Consolidated Financial Statements  Year ended December 31, 2011 