54  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 9 Financial Instruments AASB 9 includes requirements for the classification and  measurement of financial assets resulting from the first  part of Phase 1 of the IASB’s project to replace IAS 39  Financial Instruments: Recognition and Measurement  (AASB 139 Financial Instruments: Recognition and  Measurement).  These requirements improve and simplify the approach  for classification and measurement of financial assets  compared with the requirements of AASB 139. The main  changes from AASB 139 are described below.  (a) Financial assets are classified based on (1) the  objective of the entity’s business model for managing  the financial assets; (2) the characteristics of the  contractual cash flows. This replaces the numerous  categories of financial assets in AASB 139, each of  which had its own classification criteria.  (b) AASB 9 allows an irrevocable election on initial  recognition to present gains and losses on  investments in equity instruments that are not held  for trading in other comprehensive income. Dividends  in respect of these investments that are a return on  investment can be recognised in profit or loss and  there is no impairment or recycling on disposal of the  instrument.  (c) Financial assets can be designated and measured at  fair value through profit or loss at initial recognition  if doing so eliminates or significantly reduces a  measurement or recognition inconsistency that  would arise from measuring assets or liabilities,  or recognising the gains and losses on them, on  different bases. 1 January 2013 1 July 2013 AASB  2009-11 Amendments to  Australian Accounting  Standards arising  from AASB 9  [AASB 1, 3, 4, 5, 7,  101, 102, 108, 112,  118, 121, 127, 128,  131, 132, 136, 139,  1023 & 1038 and  Interpretations 10  & 12] These amendments arise from the issuance of AASB  9 Financial Instruments that sets out requirements  for the classification and measurement of financial  assets. The requirements in AASB 9 form part of  the first phase of the International Accounting  Standards Board’s project to replace IAS 39  Financial  Instruments: Recognition and Measurement . This Standard shall be applied when AASB 9 is  applied. 1 January 2013 1 July 2013 AASB 124  (Revised) Related Party  Disclosures  (December 2009) The revised AASB 124 simplifies the definition of a related  party, clarifying its intended meaning and eliminating  inconsistencies from the definition, including: (a) The definition now identifies a subsidiary and an  associate with the same investor as related parties of  each other (b) Entities significantly influenced by one person and  entities significantly influenced by a close member of  the family of that person are no longer related parties  of each other  (c) The definition now identifies that, whenever a person  or entity has both joint control over a second entity  and joint control or significant influence over a third  party, the second and third entities are related to  each other A partial exemption is also provided from the disclosure  requirements for government-related entities. Entities  that are related by virtue of being controlled by the  same government can provide reduced related party  disclosures.  1 January 2011 1 July 2011