NEW OROPERU RESOURCES INC.  Notes to Consolidated Financial Statements (Expressed in US dollars)  Years ended December 31, 2012 and 2011  2. BASIS OF PRESENTATION  (Continued)  c)  Adoption of New and Revised Standards and Interpretations  (Continued)  (vi)  IFRS 11  Joint Arrangements Replaces IAS 31  Interests in Joint Ventures . Requires a party to a joint arrangement to  determine the type of joint arrangement in which it is involved by assessing its rights and  obligations and then account for  those rights and obligations in accordance with that type of  joint arrangement.  Joint arrangements are either joint operations or joint ventures:  A  joint operation  is a joint arrangement whereby the parties that have joint control of  the arrangement (joint operators) have rights to the assets, and obligations for the  liabilities, relating to the arrangement. Joint operators recognize their assets, liabilities,  revenue and expenses in relation to its interest in a joint operation (including their  share ofany such items arising jointly)  A  joint venture  is a joint arrangement whereby the parties that have joint control of the  arrangement (joint venturers) have rights to the net assets of the arrangement. A joint  venturer applies the equity method of accounting for its investment in a joint venture in  accordance with IAS 28  Investments in Associates and Joint Ventures  (2011). Unlike  IAS 31, the use of “proportionate consolidation” to account for joint ventures is not  permitted.   Significant judgments and assumptions – such as how control, joint control,  significant influence has been determined   Interests in subsidiaries – including details of the structure of the group, risks  associated with structured entities, changes in control, and so on   Interests in joint arrangements and associates – the nature, extent and financial  effects of interests in joint arrangements and associates (in cluding names, details and  summarized financial information)   Interests in unconsolidated structured entities – information to allow an  understanding of the nature and extent of interests in unconsolidated structured  entities and to evaluate the nature of,and changes in, the risks associated with its  interests in unconsolidated structured entities .  Applicable to annual reporting periods beginning on or after January  1, 2013. If early-adopted,  must be adopted together with IFRS 10, IFRS 12, IAS 27 (2011) and IAS 28 (2011). Requires the extensive di sclosure of information that enables users of financial statements to  evaluate the nature of, and risks associated with, interests in other entities and the effects of  those interests on its financial position, financial performance and cash flows. (vii)  IFRS 12  Disclosure of Interests in Other Entities In high-level terms, the required disclosures are grouped into the following broad categories: IFRS 12 lists specific examples and additional disclosures which further expand upon each of  these disclosure objectives, and includes other guidance on the ex tensive disclosures required. Applicable to annual reporting periods beginning on or after January  1, 2013. If early-adopted,  must be adopted together with IFRS 10, IFRS 11, IAS 27 (2011) and IAS 28 (2011). 10 