Adoption of Accounting Standards i.  Consolidated Financial Statements, Joint Ventures and Disclosures ii.  Employee Benefits iii.  Fair Value Measurement iv.  Presentation of Other Comprehensive Income  v.  Financial Instruments: Disclosures The amendments to IFRS 7 contain new disclosure requirements for financial assets and liabilities that are offset in the statement  of financial position or subject to master netting arrangements or similar arrangements. The amendments to IFRS 7 have been  applied prospectively, however the application of these amendments had no material impacts on the companies consolidated  financial statements. In September 2011, the IASB made amendments to IAS 1,  Presentation of Financial Statements  (“IAS 1”). The amendments  require that items of other comprehensive income are grouped into two categories: items that may be reclassified subsequently to  profit or loss and items that will not be reclassified subsequently to profit and loss. Income tax on items of other comprehensive  income are required to be allocated on the same basis. The consolidated statements of comprehensive income were amended in  this interim report to reflect the changes in presentation. IFRS 13,  Fair Value Measurements  (“IFRS 13”) establishes a single source of guidance under IFRS for all fair value measurements.  IFRS 13 does not change when an entity is required to use fair value, but rather provides guidance on how to measure fair value  under IFRS when fair value is required or permitted. The application of IFRS 13 has not materially impacted the manner in  which the company measures its financial and non-financial assets and liabilities. The adoption of IFRS 13 has resulted in more  comprehensive disclosures related to fair values used within the consolidated financial statements.  In September 2011, the IASB amended IAS 19,  Employee Benefits  (“IAS 19”) for items impacting defined benefit plans including  the recognition of: actuarial gains and losses within other comprehensive income; interest on the net benefit liability (or asset)  in profit and loss; and unvested past service costs in profit and loss at either the earlier of when an amendment is made or when  related restructuring or termination costs are recognized. Additionally, the adoption of the amendments to IAS 19 required the  company to retroactively exclude expected returns on plan assets from profit and loss, the result of which was a net charge against  common equity of $6 and $10 million as at January 1, 2012 and December 31, 2012, respectively. IFRS 12 integrates the disclosure requirements of interests in other entities and requires a parent company to disclose information  about significant judgments and assumptions it has made in determining whether it has control, joint control, or significant  influence over another entity, and the type of joint arrangement when the arrangement has been structured through a separate  vehicle. An entity should also provide these disclosures when changes in facts and circumstances affect the entity’s conclusion  during the reporting period. The disclosure requirements of IFRS 12 are applicable for interim consolidated financial statements  when significant events or transactions occur during the interim period requiring such disclosure. Otherwise, the additional  disclosures will be included in the company’s annual consolidated financial statements. IFRS 11 supersedes IAS 31,  Interests in Joint Ventures  and SIC-13,  Jointly Controlled Entities – Non-Monetary Contributions by  Venturers . IFRS 11 is applicable to all parties that have an interest in a joint arrangement. IFRS 11 establishes two types of joint  arrangements: joint operations and joint ventures. In a joint operation, the parties to the joint arrangement have rights to the assets  and obligations for the liabilities of the arrangement, and recognize their share of the assets, liabilities, revenues and expenses. In  a joint venture, the parties to the arrangement have rights to the net assets of the arrangement and account for their interest using  the equity method of accounting under IAS 28. IAS 28 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.  IFRS 10 replaces IAS 27 and SIC-12,  Consolidation-Special Purpose Entities  (“SIC-12”). The consolidation requirements  previously included in IAS 27 have been included in IFRS 10. IFRS 10 uses control as the single basis for consolidation,  irrespective of the nature of the investee, eliminating the risks and rewards approach included in SIC-12. An investor must  exercise power over the investee’s financial and operating decisions, have exposure or rights to variable returns from involvement  with the investee, and the ability to use its power over the investee to affect the amount of its returns in order to conclude it  controls an investee. IFRS 10 requires continuous reassessment of changes in an investor’s power over the investee and changes  in the investor’s exposure or rights to variable returns. The retrospective application of IFRS 10 increased consolidated assets,  liabilities and non-controlling interests by $218 million, $114 million and $104 million, respectively, as at December 31, 2012,  and increased consolidated revenues and net income by $69 million and $8 million, respectively, for the year then ended, with no  impact on common equity or net income to shareholders during the periods. In May 2011, the IASB issued three standards: IFRS 10,  Consolidated Financial Statements  (“IFRS 10”), IFRS 11,  Joint  Arrangements  (“IFRS 11”), and IFRS 12,  Disclosure of Interests in Other Entities  (“IFRS 12”), and amended two standards: IAS 27,  Separate Financial Statements  (“IAS 27”), and IAS 28,  Investments in Associates and Joint Ventures  (“IAS 28”). Each  of the new and amended standards became effective on January 1, 2013.  74 BROOKFIELD ASSET MANAGEMENT 