78 Consolidated  Notes to the  Financial  Statements Note 1 – Summary of significant accounting policies  (continued)  AASB 10 requires a parent to present consolidated financial  statements as those of a single economic entity, replacing the  requirements previously contained in AASB 127  Consolidated  and Separate Financial Statements  and Interpretation 112  Consolidation – Special Purpose Entities .  AASB 10 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 for all  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’).  AASB 10 will be mandatory for the consolidated entity’s  30 June 2014 financial statements. The potential impact  on the consolidated entity’s financial statements has not  yet been determined.   AASB 11 replaces AASB 131  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 recognise their assets, liabilities,  revenue and expenses in relation to their interest in a joint  operation (including their share of any 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 AASB 128  Investments  in Associates and Joint Ventures (2011) .  AASB 11 will be mandatory for the consolidated entity’s  30 June 2014 financial statements. The potential impact  on the consolidated entity’s financial statements has not  yet been determined.   AASB 12 requires the extensive disclosure 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.  This new Standard contains the disclosure requirements for  entities that have interests in subsidiaries, joint arrangements,  associates and unconsolidated structured entities.  This Standard supersedes AASB 128  Investments in Associates  and  prescribes the accounting for investments in associates and sets  out the requirements for the application of the equity method  when accounting for investments in associates and joint ventures.   AASB 127 will be mandatory for the consolidated entity’s  30 June 2014 financial statements. The potential impact on the  consolidated entity’s financial statements has not yet been  determined.   The Standard also deals with the recognition of dividends,  certain group reorganisations and includes a number of  disclosure requirements.  The Standard requires that when an entity prepares separate  financial statements, investments in subsidiaries, associates, and  jointly controlled entities are accounted for either at cost, or in  accordance with AASB 9  Financial Instruments .  Amended version of AASB 127 which now only deals with the  requirements for separate financial statements, which have been  carried over largely unamended from AASB 127  Consolidated  and Separate Financial Statements.  Requirements for  consolidated financial statements are now contained in  AASB 10  Consolidated Financial Statements .  The amendments to AASB 119 focus on but are not limited to  the accounting for defined benefit plans. In addition it changes  the definition of short-term and other long-term employee  benefits and some disclosure requirements.  AASB 119 will be mandatory for the consolidated entity’s  30 June 2014 financial statements. The potential impact on  the consolidated entity’s financial statements has not yet been  determined.   AASB 13 will be mandatory for the consolidated entity’s  30 June 2014 financial statements. The potential impact  on the consolidated entity’s financial statements has not  yet been determined.   AASB 13 defines fair value, provides guidance on how to  determine fair value and requires disclosures about fair value  measurements. However, AASB 13 does not change the  requirements regarding which items should be measured  or disclosed at fair value.  AASB 13 replaces the guidance on fair value measurement  in existing AASB accounting literature with a single standard.  AASB 12 will be mandatory for the consolidated entity’s 30 June  2014 financial statements. The potential impact on the  consolidated entity’s financial statements has not yet been  determined.  > AASB 128  Investments in Associates and Joint Ventures (2011) is effective for annual reporting periods beginning on or after  1 January 2013.  > AASB 127  Separate Financial Statements (2011)  is effective for  annual reporting periods beginning on or after 1 January 2013.  > AASB 119  Employee Benefits (2011)  and AASB 2011-10  Amendments to Australian Accounting Standards arising from  AASB 119  are effective for annual reporting periods beginning  on or after 1 January 2013.  > AASB 13  Fair Value Measurement  and AASB 2011-8  Amendments to Australian Accounting Standards arising from  AASB 13  are effective for annual reporting periods beginning  on or after 1 January 2013.  > AASB 10  Consolidated Financial Statements  is effective for  annual reporting periods beginning on or after 1 January 2013.  > AASB 11  Joint Arrangements  is effective for annual reporting  periods beginning on or after 1 January 2013.  > AASB 12  Disclosure of Interests in Other Entities  is effective for  annual reporting periods beginning on or after 1 January 2013. 