ii. IFRS 10, “Consolidated Financial Statements”, establishes principles for the presentation and preparation of  consolidated financial statements when an entity controls one or more other entities. The standard builds on the  existing principles of "control” by identifying the concept of control as the determining factor in whether an  entity should be included within the consolidated financial statements of the parent company. The standard is  effective for annual periods beginning on or after January 1, 2013. There will be no significant impact to the  Company upon implementation of the issued standard.  (o) Standards, amendments and interpretations affecting the 2013 and future year-ends (Continued)  iii. IFRS 11, “Joint Arrangements”, provides for a more realistic reflection of joint arrangements by focusing on the  rights and obligations of the arrangement, rather than its legal form (as is currently the case). The standard  addresses inconsistencies in the reporting of joint arrangements by requiring a single method to account for  interests in jointly controlled entities. The standard is effective for annual periods beginning on or after  January 1, 2013. iv. IFRS 12, “Disclosure of Interests in Other Entities”, is a new and comprehensive standard on disclosure  requirements for all forms of interests in other entities, including subsidiaries, joint arrangements, associates  and unconsolidated structured entities. The standard is effective for annual periods beginning on or after  January 1, 2013. There will be no significant impact to the Company upon implementation of the issued  standard.  v. IFRS 13, “Fair Value Measurement”, is a new comprehensive standard on measuring and disclosing fair value  and will supersede all other fair value guidance in IFRS. The standard is effective for annual periods beginning  on or after January 1, 2013. vi. IAS 1, “Presentation of Financial Statements”, is amended to revise the way other comprehensive income is  presented. The amendments preserve the amendments made to IAS 1 in 2007 to require profit or loss and other  comprehensive income to be presented together. The amendments require entities to group items presented in  other comprehensive income based on whether they are potentially reclassifiable to profit or loss subsequently. The amendments also require tax associated with items presented before tax to be shown separately for each of  the two groups of other comprehensive income items.  vii. IAS 27, “Separate Financial Statements”, is amended to deal with the requirements for separate financial  statements, which have been carried over largely unamended from IAS 27, “Consolidated and Separate  Financial Statements”. Requirements for consolidated financial statements are now contained in IFRS 10,  “Consolidated Financial Statements”. This standard is effective for annual periods beginning on or after  January 1, 2013. There will be no significant impact to the Company upon implementation of the issued  standard. viii. IAS 28, “Investments in Associates and Joint Ventures”, is amended to prescribe 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. The standard defines “significant influence” and provides guidance  on how the equity method of accounting is to be applied (including exemptions from applying the equity  method in some cases). It also prescribes how investments in associates and joint ventures should be tested for  impairment. This standard is effective for annual periods beginning on or after January 1, 2013. There will be  no significant impact to the Company upon implementation of the issued standard. ix. IAS 32, “Financial Instruments: Presentation”, is amended to clarify certain aspects because of diversity in  application of the requirements on offsetting, focused on four main areas: 1) the meaning of “currently as a  legally enforceable right of set-off”, 2) the application of simultaneous realization and settlement, 3) the  offsetting of collateral amounts, and 4) the unit of account for applying the offsetting requirements.  - 15 -  3.  Summary of Significant Accounting Policies (Continued)  COMMANDER RESOURCES LTD.  (An Exploration Stage Company)  Notes to Financial Statements  For the Years Ended December 31, 2012 and 2011  (Expressed in Canadian dollars) 