2. BASIS OF PRESENTATION  (Continued)  c)  Adoption of New and Revised Standards and Interpretation s  (Continued)  (iv)  IFRS 9  Financial Instruments  (2010)  (v)  IFRS 10  Consolidated Financial Statements 9  This is a revised version of IFRS 9 incorporating revised requirements for the classification and  measurement of financial liabilities, and carrying over the existing de -recognition requirements  from IAS 39  Financial Instruments: Recognition and Measurement .  The revised financial liability provisions maintain the existing amortized cost measurement  basis for most liabilities. New requirements apply where an entity chooses to measure a liability  at fair value through profit or loss ; in these cases, the portion of th e change in fair value related  to changes in the entity's own credit risk is presented in other comprehensive income rather  than within profit or loss. Applies to annual periods beginning on or after January  1, 2015. This standard supersedes  IFRS 9 (2009). However, for annual reporting periods beginning before January  1, 2015, an  entity may early-adopt IFRS 9 (2009) instead of applying this standard. Requires a parent to present consolidated financial statements  as those of a single economic  entity, replacing the requirements previously contained in IAS 27  Consolidated and Separate  Financial Statements  and SIC-12  Consolidation- Special Purpose Entities .  The standard identifies the principles of control,  determines how to identify whether an investor  controls an investee and therefore must consolidate the investee, and sets out the principles  for the preparation of consolidated financial statements. The standard introduces a single consolidation model forall entities based on control,  irrespective of the nature of the investee (i.e., whether an entity is controlled through voting  rights of investors or through other contractual arrangements as is common in “special purpose  entities”). Under IFRS 10, control is based on whether an investor has power over the investee,  exposure, or rights, to variable returns from its involvement with the investee, and the ability to  use its power over the investee to affect the amount of the returns. Applicable to annual reporting periods beginning on or after January  1, 2013. If early-adopted,  must be adopted together with IFRS 11, IFRS 12, IAS 27 (2011) and IAS 28 (2011). NEW OROPERU RESOURCES INC.  Notes to Consolidated Financial Statements (Expressed in US dollars)  Years ended December 31, 2012 and 2011 