2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Reference Title Summary Application date  of standard* Application date  for Group* AASB 13 Fair Value  Measurement AASB 13 establishes a single source of guidance under  Australian Accounting Standards for determining the fair  value of assets and liabilities. AASB 13 does not change  when an entity is required to use fair value, but rather,  provides guidance on how to determine fair value under  Australian Accounting Standards when fair value is  required or permitted by Australian Accounting Standards.  Application of this definition may result in different fair  values being determined for the relevant assets. AASB 13 also expands the disclosure requirements for  all assets or liabilities carried at fair value. This includes  information about the assumptions made and the  qualitative impact of those assumptions on the fair value  determined. 1 January 2013 1 July 2013 AASB  2011-7 Amendments to  Australian Accounting  Standards arising  from the Fair Value  Measurement  Standard Consequential amendments to existing Australian  Accounting Standards as a result of the adoption of AASB  13  Fair Value Measurement . 1 January 2013 1 July 2013 AASB  2011-9 Amendments  to Australian  Accounting Standards  -Presentation of  Items of Other  Comprehensive  Income [AASB 1, 5, 7, 101,  112, 120, 121, 132,  133, 134, 1039 &  1049] The main change resulting from the amendments relates  to the Statement of Comprehensive Income and the  requirement for entities to group items presented in other  comprehensive income on the basis of whether they are  potentially reclassifiable to profit or loss subsequently  (reclassification adjustments). The amendments do not  remove the option to present profit or loss and other  comprehensive income in two statements. The amendments do not change the option to present  items of OCI either before tax or net of tax. However, if  the items are presented before tax then the tax related  to each of the two groups of OCI items (those that might  be reclassified to profit or loss and those that will not be  reclassified) must be shown separately. 1 July 2012 1 July 2012 AASB 11 Joint Arrangements AASB 11 replaces AASB 131 Interests in Joint Ventures  and Interpretation 113 Jointly- controlled Entities –  Non-monetary Contributions by Ventures. AASB 11 uses  the principle of control in AASB 10 to define joint control,  and therefore the determination of whether joint control  exists may change. In addition AASB 11 removes the  option to account for jointly controlled entities (JCEs)  using proportionate consolidation. Instead, accounting  for a joint arrangement is dependent on the nature of  the rights and obligations arising from the arrangement.  Joint operations that give the venturers a right to  the underlying assets and obligations themselves is  accounted for by recognising the share of those assets  and obligations. Joint ventures that give the venturers a  right to the net assets is accounted for using the equity  method. This may result in a change in the accounting for  the joint arrangements held by the group. 1 January 2013 1 July 2013 AASB 12 Disclosure of Interests  in Other Entities AASB 12 includes all disclosures relating to an entity’s  interests in subsidiaries, joint arrangements, associates  and structures entities. New disclosures have been  introduced about the judgements made by management  to determine whether control exists, and to require  summarised information about joint arrangements,  associates and structured entities and subsidiaries with  non-controlling interests. 1 January 2013 1 July 2013 57  NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2011